Marquette University treats all Bursar's and
loan accounts as legal and moral obligations that need to be paid on a
timely and regular basis. Students who have outstanding Bursar's and loan
balances will receive a monthly or quarterly statement of their accounts
with the university. The statement will include information on all
accounts regarding the outstanding balance, the amount due, the date due,
and a summary of the billing rights and responsibilities.
In determining the amount due, Marquette will
total the minimum amount due for each account. In the event that a
payment is received for less than the amount due, a payment hierarchy has
been established. The payment will be applied to the amount due for each
account in the following order: Perkins Loans, Health Professions Loans,
Loans to Disadvantaged Students, Nursing Loans, Income Contingent Loans,
University Loans, and Bursar's Accounts.
Non-payment of the amount due will result in the
account being declared in default. In accordance with all pertinent
federal and state regulations, defaulted accounts are subject to the
following university actions:
- assessment of late fees and interest penalties
- denial of future deferment/cancellation
- placement of holds on all university services
including transcripts, diploma, and access to register for subsequent
- report of your account as delinquent to
national credit bureaus
- placement of the account with a collection
- assessment of all collection and legal costs
- denial of federal tax refunds
- garnished wages
- Reporting applicable loans to NSLDS as defaulted, which may effect eligibility for future student loans.
Individuals who are unable to make payments are
encouraged to immediately contact the Office of Student Loan Accounts
& Collections at (414) 288-6818 to establish a mutually acceptable
payment arrangement. For further information regarding defaulted student
loans, review A Student Loan
Borrower's Guide to Defaulted Student Loans at the Department of
Education web page.
Billing and Payments
Marquette University uses
a multiple billing statement which is sent out approximately 30 days prior
to the due date. If you have more than one account with this office, such
as federal loans, university loans, and a Bursar's balance, they will all
appear on one statement. Note: Due to the large volume of payments, the
university employs a payment lockbox, operated by our bill servicing agency, University Accounting Service. All payments are processed upon
receipt. Postdated payments are not acceptable. The university also uses a
payment hierarchy to process payments. The payment hierarchy is explained
in the Payment Policy section of this site.
To avoid the assessment of
late charges, payments should be mailed in advance of an approaching
due date. Accounts have a 30-day payment grace period from the first of the month to have a payment posted and still be considered on time.
It is important to note that the billing statement is only a
reminder of a payment due and that all payments are expected by the due
date regardless of whether a statement is received. If you are nearing a
repayment period and have not received a statement, please contact the
Office of Student Loan Accounts & Collections at (414) 288-6818 for
assistance to determine the amounts due and to verify our records of your
Make Checks payable to:
All payments should be addressed to:
University Accounting Service, LLC
P.O. Box 5291
Carol Stream, IL 60197-5291
Rights & Responsibilities
qualify for deferment, forbearance, or cancellation benefits as detailed
in your promissory note, please request the appropriate forms by checking
the box on the front of the remittance portion of your statement, or you
may telephone (414) 288-6818.
If you are unable to make a scheduled
payment for any reason, it is your responsibility to contact the Office of
Student Loan Accounts & Collections before the due date. If you fail
to make a payment when due or do not file forms to excuse payment, the
university must take further action against your account. You will be
assessed a penalty/late charge. The account may be accelerated, and the
entire balance will become due and payable immediately. The account will
be reported delinquent to your local credit bureau. The account may be
placed with a collection agency or attorney. You will be responsible for
all reasonable collection costs and attorney fees.
How do I change my address with
Student Loan Accounts?
Email us your full name, social
security number, new address, and telephone number.
When is my first payment due?
For Federal Perkins Loans and Nursing Loans, the grace period
ends nine months after you cease to be a half-time student.
For National Direct Student Loans, the
grace period ends six months after you cease to be a half-time student.
Professions Loans and Loans to Disadvantaged Students, the grace period
ends 12 months after you cease to be a full-time student.
For Past due Bursar's accounts there
is no grace period. Payment is due in full upon notification of debt.
For monthly billed accounts, the first payment is due one month after the grace period ends. For quarterly billed accounts, payment is due 3 months after the grace period ends. Most accounts are billed monthly.
How can I afford this amount
For Federal loans where the
borrower separated from Marquette University before May 2002, billings
will be quarterly (every three months). For Federal loans
where the borrower separated on or after May 2002, billings will
be monthly. Marquette Institutional Loans
are billed quarterly. Past due Bursar's
accounts (fund numbers 70 through 89 (which may otherwise
resemble Marquette Institutional Loans, but are NOT the same thing) are
billed monthly, however, technically the whole amount is due in full and these
accounts are not loans. Contact the Office of Student Loan
Accounts & Collections to make special payment arrangements.
What should I do if I'm not
employed when my first payment comes due?
Contact the Office
of Student Loan Accounts & Collections. There are a number of options.
For example: partial payment agreements, forbearance, or hardship
Can I prepay on this loan?
Yes. There is no prepayment penalty. You will also save
interest over the life of the loan. However, payment in excess of the
amount due does not prepay toward the next quarterly or monthly payment.
Extra payment is applied to your loan balance.
Where is my payment coupon
You will receive a computer generated statement
approximately 30 days prior to each due date as long as we have your
Can I consolidate this loan
with my other loans?
The eligible loans for consolidation are
listed in the consolidation
section of this site. There are a number of companies which provide
this service. The Office of Student Loan Accounts & Collections can
provide you with information regarding consolidation providers.
Is the Stafford Loan serviced
through Marquette University?
No. The Stafford Loan is
serviced by your lending institution.
Is the William D. Ford Direct
Loan serviced through Marquette University?
No. The William D. Ford Direct
Loan is serviced by the Us Department of Education or one of their contracted servicers. Their telephone number is (800) 848-0979. Click to view your loans and servicer: http://www.nslds.ed.gov/nslds_SA/.
for additional information click here:
How can I defer payments if I
go back to school?
Complete a deferment form. To obtain a
form, click here.
This form must be certified by the registrar of your current school, and
returned to Marquette Office of Student Loan Accounts and Collections.
Note: Past due Bursar's accounts accounts are not eligible for
deferment. Deferments filed with our office ONLY apply to loans serviced
directly by Marquette University, and will NOT effect Stafford loans or
loans with other schools. You must apply directly to these other
organizations for student deferment.
What types of deferments or
cancellations are available on my loans?
Information and Cancellation
Benefits sections of this site contain this information.
How long will it take to pay
off this loan?
The maximum time is ten years, however, it
depends how large your loan is and what the minimum repayment is for your
loan. Loans which have been consolidated may be eligible for extended payment terms.
If my account is turned over to a
collection agency or an attorney, do I have the opportunity to negotiate
with Marquette University?
No. You must deal directly with
the agency or attorney.