HUECU Graduate Student Loan Repayment Instructions

Presentation Objectives  Harvard University Credit Union Overview  Loan Repayment Information  Managing Your Finances  Contact Information

About the Credit Union The Harvard University Employees Credit Union is a financial institution exclusively serving the students, alumni, faculty, staff, alumni and students of Harvard University and the affiliated hospitals. Family members are also eligible.  Member Owned Every member is an equal shareholder Volunteer Board of Directors elected by the membership  Safety and Stability Federally insured by the National Credit Union Administration (NCUA)  Cooperative Model All earnings returned to the members in the form of better value and enhanced services. Customers = owners/shareholders

Loan Servicer Contact Information  The servicer for the loan is University Accountings Services (UAS).  Your loan repayment information will be sent on behalf of Harvard University Credit Union to the student borrower directly from UAS.

Setting Up On-line Access – Loan Info Website: Step 1: Click on “Create An Account” Step 2 - For individuals with no social security number – select and follow Lender Assigned ID Method: Lending Institution – drop down box – Select “Harvard University Employees Credit Union” Identifier should be Borrower ID, located at top left of Loan Summary Date of Birth of borrower MM/DD/YYYY Borrower Postal code (of address on loan summary) If borrower’s address does not have a zip code, the borrower should try “00000”. If log in attempt fails, contact the servicer for assistance. The servicer may be contacted at or extension 6917 or via Step 3: The Borrower will receive confirmation of enrollment and must await receipt of a confirmation . Step 4: Upon receipt of the confirmation , the Borrower clicks on the “Activate Account” link to complete the registration process. The Borrower can now log in and view the account and make/schedule payments.

Loan Information  HUECU Graduate Loan Program  Variable Interest Rate based on U.S. Prime rate Changes quarterly if U.S. prime rate changes Interest accrues daily on outstanding principal balance  0.25% rate discount before and during repayment for automated electronic payment  Prior to start of repayment Interest and origination fees capitalize on principal

Loan Repayment Information o Repayment begins six months after the student separates from Harvard. o Monthly payment - approx. $90.00 per $10,000 borrowed Estimate based on current variable rate and loan term o Payment is applied to principal & interest o Payment required to be made each month

Making Payments  Loan payments need to be made in U.S. dollars  Payment formats: Pay by Mail Pay Online Pay via TravelEx/ Western Union option Enroll in Automatic Payment Option (0.25% rate reduction) Credit card option available ($10 fee)

Automated Electronic Payment Immediate Discount  There is a 0.25% rate discount before and during repayment for automated electronic payment  How do you sign up for auto payment discount? Contact loan servicer Go to where you can view account balances and make a payment 24 hours a day 7 days a week.

TravelEx/Western Union  International currency exchange – over 26 different currencies available European, Asian, North America and Middle East  Local transfer of funds from local bank  Lower exchange costs  Visit HUECU website for more information

Loan Repayment Timely repayment of your loan is essential to the wellness of the program.  Credit Reporting  Collections and Collection Costs Contact HUECU or UAS immediately if you can’t make regularly scheduled payment. Financial counseling and payment modification available

Harvard University Credit Union Loan Repayment Summary  Repayment begins within 6 months  Make payments in U.S. $  Set-up on-line account access  Contact Information Or (262) (for calls outside the U.S.) Website:

Financial Transition Plan  Financial Transition Plan  Managing Your Finances & Enjoying Your Life  Understanding Credit and Credit Scoring  Additional Resources

Financial Transition Plan  Know where you are and where you are going Where are you now – financially Income & expenses Savings & debt Interest rates Time available Where do you want to be

Goals: Where do you want to be  A realistic goal is $MART (in more ways than one) Specific Measurable Adjustable Relevant Time-related  Be realistic  Can it be done with current or proposed resources and expenses

Building A Budget  Determine your income  Prioritize expenses Housing Food Clothing Utilities Transportation Miscellaneous

Credit Basics  Credit – Utilizing something now (e.g. education, car or home) and paying for it over a period of time.  3 C’s of Credit Character – How well do you honor your financial obligations Capacity – How easy will it be for you to repay the debt Collateral – Will the loan be secured by something

What’s on the Credit Report?  Personal Information Names, current & previous addresses, employers, date of birth  Credit Information Credit granted and history & timeliness of repayment, revolving, installment or open ended, payment patterns for past 7 years  Public Record Information Records found on public documents: bankruptcies, collection accounts, overdue child support  Inquiries List of creditors and agencies who have requested your credit report

Who Reviews Your Credit?  Employers  Landlords  Automotive dealers  Professional licensing boards  Insurance companies  Financial lenders  Others

Credit Impact: Rates and Payments Credit ScoreAPRMonthly Payment %$ %$ %$ %$ %$ %$892 <500Not eligible Source: Myfico.com – 36 month car loan - $25,000

Investing  Time – How long is the money invested  Money – How much you invest  Rate of Return Higher Rate = Higher Risk of Loss

BALANCE BALANCE is a financial education and counseling service available as a benefit of credit union membership Money management counseling Debt repayment options Credit report review /

Harvard University Credit Union Loan Repayment Information  UAS Contact Information Customer Service: Or (262) extension 1705 (for calls outside the U.S.) Website: Call or with any questions about loan.  Sign up for on-line access to UAS system today  Financial Plan: Visit a Harvard University Credit Union Branch office

Thank You! Questions? HUECU: