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FREQUENTLY ASKED QUESTIONS

For many students, a Campus-Based Student Loan is their first borrowing experience. In order to help educate the borrower, we have developed this page to answer some of the more frequently asked questions.

Q. I attended the University of Massachusetts at Boston, why am I being billed by the Amherst campus?
A. The Amherst campus handles all repayment issues for the Federal Perkins Loan Program for both the Boston and Amherst campuses.

Q. Who is ACS?
A. ACS is the company that the University uses to process and maintain payment records. 

Q. When do I have to begin repayment of my loan(s)?
A. The Federal Perkins program allows the borrower a 9 month grace period, whereas the FFEL loans only allow a 6 month grace period.

Q. How often are payments due?
A. For most loans, payments are due on a quarter (4 times a year) basis.  A borrower can request in writing that payments be made on a monthly basis if they wish.

Q. I haven’t graduated, so why am I being billed?
A. When a borrower leaves school for whatever reason, or falls below half time status, the loan is entered into repayment.   If you have returned to school, you must file an in-school deferment form with us at least once a year until you graduate.

Q. I transferred to another school, why am I being billed?
A. If you are at least a half time student at an accredited institution of higher learning, you are required to file deferment forms on at least a yearly basis.  If your current institution verifies enrollment on a semester by semester basis, you will need to file an in-school deferment form with us each and every semester until you graduate. 

Q. I returned to the University of Massachusetts, why am I still being billed?
A. Unfortunately, there is no connection between the registrar’s files and our billing service.  We have no way of knowing you have returned/are returning to the University.  You will be required to file an in-school deferment form with us each semester that you are registered as a student (at least half time).

Q. What do I do if I cannot make my regularly scheduled installment?
A. Anytime you encounter temporary financial difficulties, you can contact us in writing or by telephone and we can explain which options are available to you.  You can also check out this web site for information on forbearance or deferments options.

Q. To whom do I make my check payable?
A. The University of Massachusetts.  Please be sure to include your complete student account number on your check for accurate and timely processing.

Q. May I make payments on my loan(s) during periods where payments are not due?
A. Yes, you may make payments, but no billing statements will be sent to you.  Please include your full account number on your check and send these payments to the address listed below.

Student Loan / Campus Receivables
406B Goodell Building
140 Hicks Way
University of Massachusetts Amherst
Amherst, MA 01003-9272

Q. Will I be subject to a penalty if I choose to pay off some or all of my loan(s) early?
A. No, for federal student loans (Perkins, National Direct Student Loans), there is no penalty for prepayment.

Q. How is interest calculated on my loan?
A. These Campus-Based Student Loans utilize a simple interest calculation based on the principal balance at the time of billing.

Q. How are my payments applied to my loan?
A. The payment hierarchy is as follows:

·        Collection Costs (if your loan is with a Collection Agency)
·        Late/Penalty Fees
·        Past Due Interest
·        Past Due Principal
·        Current Due Interest
·        Current Due Principal

Q. Can automatic payments be made toward my loan(s) so that I don’t have to worry about them?
A. Yes, ACS (our billing service) offers a program called ACH/Checkmate where installments are automatically withdrawn from your checking/savings account.  ACH applications are available on this web site. Select ACH Applications.

Q. How do I obtain information regarding the status of my accounts(s)?
A. ACS (our billing service) is currently working on a website for this specific purpose. Until it is complete, you should contact us directly with any questions.

Student Loan / Campus Receivables
406B Goodell Building
140 Hicks Way
University of Massachusetts Amherst
Amherst,  MA 01003-9272
Tel:  (413) 545-2377
Fax: (413) 577-2120

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Last Updated: 02/27/08