Student Loan Repayment
Educational loans are financial obligations that must be repaid. It is the borrower's responsibility to understand and meet the terms and conditions of the loan agreement.
Interest rates, repayment periods and other allowance vary depending upon the loan program and the source of the loan fund. Exit documents are designed to help you understand your rights and obligations as a student loan borrower. However, the promissory note is the legal document governing your loan.
To help you understand the implications of a student loan, you will find a repayment calculator at the following financial aid site financial aid site.
Short Term Loans
Your repayment schedule is given to you when you sign your promissory note. A billing statement will be sent to you about 15 days prior to the date each payment is due. You are obligated to make your payments whether you receive your billing statement or not.
Some short term loans may accrue interest. The billing statement will agree with your original repayment schedule only if all payments are made as scheduled. Late payments, pre-payments, and under-payments will alter the amount of interest due and will cause the statement to differ from the schedule.
If the repayment source of your short term loan is current semester financial aid, the loan will be repaid when your financial aid is applied to your student account. After tuition is paid, the remainder of your financial aid will reduce the balance of your short term loan charges. If your student account has a credit balance once tuition and short term loan charges have been paid, you will receive a refund.
Checks can be made out to the University of Wisconsin-Madison. Please include the last four digits of the student's social security number, the student's name, and the loan name in the memo of the check.
Federal Perkins, Federal Health Profession Loan-Pharmacy, Primary Care Loan, Federal Nursing Loan (Undergrad), Nurse Faculty Loan, UW Madison Institutional Loans
Most student loans allow you a grace period after you leave school or drop below the required number of credits.
The rules governing federal loan programs require sending a series of notices during grace periods reminding borrowers their obligations. These notices will be sent via email from our loan servicer, ECSI. Borrowers should ensure they have added ECSI to their trusted senders list to ensure proper delivery of these notices. The billing statements will be sent via email 15 days prior to the date a payment is due. Borrowers are obligated to make payments whether they receive a billing statement or not.
Please keep all demographic information current to ensure the proper delivery of billing statements and correspondence from student loans and ECSI. You can update your information by contacting the student loan office or by logging into your account at https://borrower.ecsi.net
Please remember, due Diligence Regulations require us to report delinquency to the credit bureau.
You may make a payment online at www.ecsi.net by logging into your account.
- School Code: R7
- Account Number: SSN
- Password: Your PIN number
(Click 'Need help logging in?' if you do not remember you PIN)
If you have questions setting up an electronic payment, please contact ECSI by calling 888-549-3274.
You may also make a payment by mailing a check to the student loan office. Please make the check payable to the University of Wisconsin-Madison. Please include the last four digits of the student's social security number, the student's name, and the loan name in the memo of the check.
There is no penalty for pre-payment of your account. However, payments in excess of the amount due will be used to prepay principal unless clearly stated, in writing, that the excess amount is to cover the next installment.
Missed Payments - All Loans.
Payments are due on the first of the month. If your payment is not made or a deferment/cancellation form is not received in a timely manner, your account will be considered to be in default. If this happens, we may:
- Place a hold on your University records.
- Report your default to a credit bureau.
- Add late (penalty) charges and/or collection costs.
- Accelerate your loan.
- Refer your account to a collection agency.
- Seek judgment against you in court.
- Ask the Federal government for help in collecting the loan (such as the tax refund offset program).
Forms and questions should be directed to:
The University of Wisconsin - Madison
Bursar's Office - Student Loans
333 East Campus Mall #10501
Madison, WI 53715-1383
Phone: 608-262-1791 (Open until 4:30 PM)
Customer Service Window hours:
Monday, Tuesday, Thursday, Friday 7:45 AM to 4:00 PM
Wednesday: 9:15 AM to 4:00 PM