Coronavirus Pandemic Information

 

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Impacted by the Coronavirus Pandemic? We’re here to help. (updated 4/8/20)

In light of the significant impact and ongoing uncertainty around the Coronavirus pandemic, please know that your well-being and financial needs are our top priorities. With that in mind, we have taken steps to ensure that you have access to the services and personalized support that you may need. Please review the Frequently Asked Questions (FAQs) below to get answers to the most commonly asked questions.

 

How do I access information about my private education line of credit and/or loan and make payments?

University Accounting Service (UAS) is the loan servicer for your account and provides 24/7 access to view your loan information and make payments on the servicing website. (Payments by mail should be sent to University Accounting Service, PO Box 5865, Carol Stream, IL 60197-5865. Please note your account number on the payment.)

 

Are my private student loans impacted by the CARES Act stimulus package that was recently announced by the Federal government? 

No, private student loans, including those you have with your credit union, are not impacted by the measures enacted in the CARES Act. These measures, such as the six month suspension of payments and interest, apply only to federal student loans that have been directly offered from the U.S. Department of Education’s Federal Direct Loan Program. This covers the vast majority of federal student loans. If you have federal student loans and would like more information, please visit www.studentaid.gov/coronavirus.

 

What should I do if I am concerned about being unable to make a payment on my private education line of credit and/or loan due to the Coronavirus pandemic?

If your ability to repay your credit union private education line of credit and/or loan has been directly impacted by the Coronavirus pandemic, you may request a special COVID-19 Forbearance*. To request a forbearance, please call UAS at 877-530-9782 Monday through Friday from 7:00 a.m. to 5:00 p.m. CT to speak with a servicing agent. If approved, this forbearance will allow you to defer payments for up to three months. Please note that interest will continue to accrue during the forbearance period.

 

Due to elevated call volume, hold times may be longer than normal. Thank you for your patience.

 

(* A forbearance allows you to defer loan payments for a set period of time and is offered by the lender in order to help borrowers who are experiencing temporary financial challenges and unable to make their expected monthly payments. During the forbearance, please note that your interest rate remains in effect, and interest will continue to accrue. Accordingly, forbearances should only be used if you are encountering financial hardship.)   

 

Should I request a forbearance, or if I’m able, keep making my payments?

Forbearance is meant for borrowers that are unable to make payments due to extreme circumstances. If you have the ability to continue paying your loans, it is in your best interest to continue making payments. Forbearance provides temporary relief from payment obligation but does not stop interest accrual and shortens the total repayment window available. This will result in a higher payment after the forbearance period as the unpaid principal and interest from this period is spread over the remaining loan term.

 

How will the Coronavirus pandemic impact my tuition and payment for upcoming academic terms?

There are still many unknowns as colleges respond to the shifting landscape created by the Coronavirus pandemic. We recommend you stay informed on your school’s plan through their website and social media. As for your credit union, we are committed to meeting the financial needs of our members and are here to serve you. If you have any scheduled disbursements, plan to request a disbursement, or have an application in progress, the process remains unchanged.

 

What should I do if my college sent me a refund?

In light of campus closures due to the ongoing Coronavirus pandemic, some colleges and universities are distributing refunds to students. If you have received a refund and would like to apply this money to your private student loan in order to lower your overall cost of borrowing, please log in to the servicing website to make an online payment. To pay by mail, please send your payment to University Accounting Service, PO Box 5865, Carol Stream, IL 60197-5865. Please note the account number on the payment.

 

Thank you for giving us the opportunity to serve you, and we look forward to assisting with your education funding needs during this challenging time and beyond.

 

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