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Exit Counseling

Exit Counseling. Congratulations!. Harvard University Employees Credit Union (HUECU).

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Exit Counseling

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  1. Exit Counseling

  2. Congratulations!

  3. Harvard University Employees Credit Union (HUECU) The Harvard University Employees Credit Union is a financial institution exclusively serving the students, alumni, faculty, and staff of Harvard University and the affiliated hospitals. Family members are also eligible. Member Owned Every member is an equal shareholder Volunteer Board of Directors elected by members Safe and Stable Well capitalized Federally insured by the National Credit Union Administration (NCUA) Cooperative Model Member deposits used to fund loans for other members. All earnings returned to the members in the form of better value and enhanced services.

  4. You’re a member www.HUECU.org(617) 495-4460 HUECU@harvard.edu

  5. Agenda • Understanding Your Loans • Repaying Your Loans • Managing Your Finances • Completing Your Exit

  6. Understanding Your Loans

  7. HUECU Graduate Loan • Designed just for you • Variable Interest Rate based on U.S. Prime rate • Changes quarterly if U.S. prime rate changes • Interest accrues daily on outstanding principal balance • Prior to start of repayment • Interest and origination fees capitalize on principal

  8. University Accountings Services (UAS)

  9. Repaying Your Loans

  10. Loan Payments • Begin six months after student separates from Harvard • December for May graduates • Applied towards principal & interest $ 100.00 Monthly Payment per $10,000 borrowed based on current variable rate and loan term

  11. Loan Payments • Need to be made in U.S. dollars • Payment Options • Automatic Electronic Payment (0.25% rate reduction) • Online • Credit card ($10 fee) • Mail • TravelEx/Western Union

  12. Automated Electronic Payment • 0.25% rate discount before and during repayment for automated electronic payment • To Sign Up • Contact UAS OR • Visit https://loanservice.uasecho.com

  13. Travelex and Western Union Payments • Over 26 currency exchanges • Local transfer of funds from local bank • Visit www.HUECU.org for more information

  14. Timely repayment of your loan is essential to the wellness of the program.

  15. Delinquent Payments • Reported to credit bureaus • Sent to Collections and Charged Collection Costs Contact HUECU or UAS immediately if you can’t make regularly scheduled payment.Financial counseling and payment modification are available to help you.

  16. Managing Your Finances

  17. What are Your Financial Goals?

  18. Financial Goals Short term Long-term

  19. Where is Your Money Going?

  20. Is Your Money Going Towards Your Financial Goals?

  21. Budgeting Tips • Know your percentages: Your budget should be tailored to yourfinancial goals—these are just suggestions. Money put aside for emergencies only. Car (payment, insurance, gasoline, parking), MBTA, Hubway, Uber, Taxi, Mortgage/rent, utilities, taxes, home maintenance, etc. Food, clothing, entertainment, childcare, medical expenses, etc. Student loans, credit card, personal loans, etc. Suggested percentages provided by www.balancepro.org

  22. Budgeting Tips • Know the true cost of your expenses. What else could you have done with $5,000?

  23. Benefits of Increasing Loan Payments • $15,000 loan • 6.875% APR and 15 year repayment • $134 Monthly payment www.finaid.org

  24. Resources

  25. Harvard University Credit UnionLoan Repayment Information • UAS Contact Information • Customer Service: • 800-999-6227 Or • (262) 780-2000 extension 6917 (calls outside the U.S.) • https://loanservice.uasecho.com • uasloanservice@tsico.com

  26. HUECU’s BALANCE Counseling • BALANCE is a financial education and money management counseling service available as a benefit to HUECU members HUECU.balancepro.org 888-456-2227 HUECU Referral

  27. Completing Your Exit

  28. Step 1 https://loanservice.uasecho.com

  29. Step 2

  30. Step 3 • Identifier • Borrower ID (located at top left of Loan Summary) OR • HUID • Postal Code • Zip code on loan summary

  31. Thank You for Attending! www. HUECU.org(617) 495-4460 HUECU@harvard.edu

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