Repayment Policy


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, 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 provisions
  • placement of holds on all university services including transcripts, diploma, and access to register for subsequent semesters
  • report of your account as delinquent to national credit bureaus
  • placement of the account with a collection agency
  • 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 mailing address.

Make Checks payable to:

Marquette University

All payments should be addressed to:

University Accounting Service, LLC
P.O. Box 3131
Milwaukee WI, 53201-3131

Rights & Responsibilities
If you 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.

FAQ

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.
For Health 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 each month?
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 deferment.

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 book?
You will receive a computer generated statement approximately 30 days prior to each due date as long as we have your current address.

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. You may have multiple Federal Lenders, and your Direct Loans may be serviced by a number of different vendors. Click to view your loans and servicers: http://www.nslds.ed.gov/nslds_SA/
.

for additional information click here:

http://www.mu.edu/mucentral/financialaid/ugrad_loans_repay.shtml

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?
The Deferment 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.