Billing
Payment Due DateOnce your loan enters repayment you will be sent a billing statement monthly (unless you are enrolled in our Easy Pay Automatic Withdrawal) program. Bills are computed on the 15th of the month and are due on the 1st, approximately 2 weeks later. Failure to submit your payment by the due date will result in late charges being assessed to each loan.
Payments received are applied first to any fees outstanding, then to interest, then to principal. You may prepay on your loans. The reduces the interest paid over the life of your loan. Payments for amounts over what has been billed will satisfy the billed payment(s) with any extra amount applied to principal.
Payment Methods
You may pay by check. A return envelope is included with your billing statement. When you use this envelope you are sending your payment to a bank that processes the payments for us (also known as a "lockbox"). The bank is in Kansas City.
You may also enroll in our Easy Pay Automatic Withdrawal program where your monthly payment is automatically deducted from your checking or savings account.
We also accept cashiers checks and money orders.
Special Payment Application
If you have a payment you want applied in a special way, such as if you owe 2 loans and you are making an extra principal payment to only one of the loans, then that special payment must be sent directly to our office at Student Loan Collections, University of Missouri-Columbia, 15 Jesse Hall, Columbia, MO 65211. The lockbox processing facility cannot direct payments towards specific loans.
Your Responsibilities
You are responsible for making your loan payment each month even if you do not receive a bill (unless you have enrolled for Easy Pay Automatic Withdrawal in which case you will not receive a monthly bill).
Any checks returned to us as unpaid or any rejected Easy Pay Automatic Withdrawal transactions will be assessed a $20.00 service charge.
The status of all loan accounts is reported monthly to a national credit bureau. If you are current on your loan payments you will establish good credit history. However, if you are past due on your loan payments, the delinquency is reported to the credit bureau and it will effect your ability to take out other loans such as a mortgage or car loan. It will also effect your ability to get credit cards.