Student Loan Repayment

Federal Perkins Loans and Trinity College Institutional Loans

• These loans have 9-month grace periods once your enrollment falls below half time status.  During your grace period, interest will not accrue and no payments are required.
  

• You will be billed on a quarterly basis for these loans.  It is your responsibility to make certain that the billing agent has your current address.
   

• University Accounting Service (UAS) is the loan servicer for these types of loans.  Their contact information is located at the end of this section.
  

• Late payments are subject to late fees and will be reported to a national credit bureau.
  

• There are numerous deferment and forbearance options available to assist you during the repayment of your loans, including educational deferments and economic hardship deferments.  You may either download the appropriate deferment forms from the loan servicers or you can contact them and have the forms mailed to you.
  

• Consult your promissory note for a complete listing of your rights and responsibilities.

Federal Direct Loan Program

• Direct Loans have a 6-month grace period once your enrollment falls below half time status. During your grace period, interest will not accrue and no payments are required.

• You will be billed on a monthly basis for these loans.  It is your responsibility to make certain that the billing agent has your current address.

• These loans are serviced by the United States Department of Education.  Their contact information is located at the end of this section.

• Late payments are subject to late fees and will be reported to a national credit bureau.

• There are numerous deferment and forbearance options available to assist you during the repayment of your loans, including educational deferments and economic hardship deferments.  You may either download the appropriate deferment forms from the loan servicers or you can contact them and have the forms mailed to you.

• Consult your promissory note for a complete listing of your rights and responsibilities.

Loan Consolidation

If you have more than one federal student loan (excluding Trinity College Institutional Loans) you may be eligible to consolidate your loans into one loan.  The benefits of doing this include lowering your monthly loan payments, having only one monthly bill to pay, and having only one loan servicer to contact concerning your loans.  However, there are some potential pitfalls you should be aware of.  Even though your monthly payment may be lowered, the term of your loan will be extended and you will be charged more interest.  If you are consolidating a Perkins Loan, you will lose any possible cancellation benefits.  Finally, the interest rate on a consolidation loan may be higher than the rates on the individual loans you are attempting to consolidate.

Default

If you do not repay your student loans according to the terms of your loan promissory note, you will be considered in default.  Defaulting on a student loan is a serious matter and may have the following negative consequences:  

• a hold on your Trinity College academic transcript

• loss of eligibility for future financial aid

• account transferred to a collection agency and the cost of collection fees will be added to your loan

• your tax refund could be seized by the government

• you could be sued and suffer negative reporting on your credit report

Loan Payments

Payments for Perkins and Institutional Loans (made payable to Trinity College) should be mailed to University Accounting Service (UAS):

University Accounting Service
PO Box 5291
Carol Stream, IL 60197-5291
 

(800) 999-6227

 For overnight mail payments:

University Accounting Service
200 S. Executive Street
Brookfield, WI 53005  

For written correspondences (no payments):

University Accounting Service
P.O. Box 932
Brookfield, WI 53008-0932

www.uaservice.com

For Direct Loan payments (made payable to the U.S. Department of Education):

U.S. Department of Education
Direct Loan Payment Center
P.O. Box 530260
Atlanta, GA 30353-0260

(800) 557-7394

www.dlservicer.ed.gov

For Direct Loan written correspondences:

Borrower Services
P.O. Box 4609
Utica, NY 13504

The federal government has created an office to handle loan disputes that cannot be resolved between the borrower and either the loan servicer or the school.  You should contact this office only in the event that you are unable to rectify your situation with your loan servicer or with Trinity College.

Office of the Ombudsman
Student Financial Assistance
U.S. Department of Education
Room 3012, ROB # 3
7^th & D Streets, SW
Washington, DC 20202-5144

(877) 557-2575

http://ombudsman.ed.gov

Trinity College Student Loan Office:

Trinity College
Student Accounts
300 Summit Street
Hartford, CT 06106

(860) 297-2308 Dina Jorge        dina.jorge@trincoll.edu

(860) 297-2027 Marc Maniatis     marc.maniatis@trincoll.edu

(860) 297-5203 fax

Frequently Asked Questions

1.	What do I do if I can’t make my monthly payment? Contact your lender and explain your situation.  There may be deferment or forbearance options available to you.  Also, you may be able to adjust your repayment schedule to temporarily lower your monthly payments.
2.	Do I have to make my payments if I continue my education? If you are enrolled at least half time at an eligible school you are eligible for an educational deferment.  Contact your lenders for a deferment form.
3.	What is the process for obtaining a deferment or forbearance? You must contact your loan servicer for each of your loans.  There is not a universal deferment form and you cannot assume your lenders know you are enrolled.
4.	Where do I send my payments? The addresses are listed above.
5.	Who should I make my checks payable to? This information is listed above.
6.	Can my loans ever be cancelled or forgiven? There are certain circumstances when you may be eligible to get a portion of your Perkins Loan cancelled.  Consult your promissory note for information concerning possible cancellation benefits.
7.	How can I consolidate my loans? There are a number of lenders that offer student loan consolidation.  If you currently have a Federal Direct Loan, you should investigate consolidation with the Federal Government by calling (800) 557-7392.  If you are interested in exploring other options, There are numerous loan companies that offer loan consolidation.  The easiest way to locate these lenders is to search the internet.  If you enter the phrase “student loan consolidation” you will be connected to a number of different consolidation options.  Be sure to explore your options and shop for the best interest rates and terms.
8.	Can I pay more than my regularly scheduled monthly payment? You can always pay more that your regularly scheduled monthly payment.  This will lower the amount of interest you will pay over the life of your loan.  Under most circumstances, you CANNOT prepay your loans in advance by making a double payment and then skipping the following monthly payment.  You must always make your regularly scheduled monthly payment regardless of how much extra you may have paid the previous month.
9.	What will happen if I don’t pay my loans back? You will go into default.  The consequences are listed in the default section above.
10.	What do I do if I change my address? It is your responsibility to update your new address with each of your lenders by calling or writing to them.  You are still required to make your regularly scheduled payments even if you do not receive a billing statement.
11.	How can I find out who my lenders are and how much I owe on my student loans? This information is provided to all students during exit loan counseling.  If you have misplaced this information, you can find out about your specific loans via the internet at www.nslds.ed.gov.  The first time you try this you will need to request a pin number.  After that you will be able to sign in and check the status of your student loans.