Billing
Payment Due DateOnce your loan enters repayment you will be sent a monthly billing statement. 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. This 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.
We also accept cashiers checks and money orders.
If you are paying online through your bank, you must enter "MU Student Loans" as the payee with an address of 14 Jesse Hall, Columbia, MO 65211.
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 Repayment Center, University of Missouri-Columbia, 14 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.
Any checks or ACH transactions returned to us as unpaid 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.