Loan Repayment Information
Upon graduation or withdrawal from MacMurray College, you may have incurred different types of debt along the way, such as Federal Direct Stafford loans, Federal Perkins loans, private education loans, parent PLUS loans, and/or credit card and student account debt. All of these need addressed in the coming months after leaving the College. Below is more information about each of these programs.
Federal Direct Stafford loans (Subsidized/Unsubsidized)
Students with these types of loans must complete Exit Loan Counseling through www.studentloans.gov. This is a personalized session that will provide you specific information based on your Stafford loan totals. You will have a 6-month grace period before beginning repayment, and there are lots of different repayment plans available. Repayment will be between the student and the servicer assigned to you by the government. Students going on to be enrolled in another higher education program at least half-time may defer their loans.
MacMurray College wants to make sure you have the support you need to succeed in federal student loan repayment. To help, we’ve contracted with HigherEDGE Default Aversion Solutions (HigherEDGE), an organization that provides borrowers with loan information and resources during grace period and throughout repayment.
What is HigherEDGE?
HigherEDGE is an organization designed specifically to serve borrowers with federal student loans. Its staff understands the repayment process, and they’re trained to offer help for all borrowers, no matter the circumstance. HigherEDGE is a third-party service provider and not affiliated with any loan servicers or loan holders. The organization is a division of TG, a nonprofit company that works with students, schools, and the federal government throughout the federal student loan process.
How Can HigherEDGE Help You?
HigherEDGE can serve as your guide during grace period and repayment. Its counselors can answer your questions and talk through options available to you. If you don’t know your servicers, want more information about repayment plans, or have concerns about making payments, HigherEDGE can help.
Have questions? Contact HigherEDGE:
Federal Perkins Loans
Although this is a federal program, MacMurray College is the lender. However, during repayment, MacMurray College has contracted with University Accounting Service (UAS) to service Perkins loans. Students with these types of loans must complete Exit Loan Counseling through www.uasexit.com. Students will receive an email with directions to complete this. You will have a 9-month grace period before beginning repayment.
Have questions? Contact University Accounting Service:
Contact MacMurray College Business Office:
Private Education Loans
Some students have secured private education loans through various lenders. Repayment of these loans varies by lender and by loan program and is between the student and the lending institution. If you need information about whom your lender is or whether you received a private education loan, contact Financial Aid at 217-479-7041.
Parent PLUS Direct Stafford Loans
Some parents have secured parent PLUS loans through the federal government. Repayment of these loans varies by the parent and the selections made during the application process. Some may already be in repayment and some may have been deferred throughout the student’s enrollment period. Repayment of PLUS loans is between the parent and the loan servicer. If you need information about whom your servicer is or whether you received a PLUS loan, contact Financial Aid at 217-479-7041.
Credit Card and/or Student Account Debt
Students should ensure they are aware of all types of debt incurred and the terms of that debt. Students who exit MacMurray College with a balance on their student account may be required to complete an updated personal information and reference sheet. Please contact the Business Office with any questions, concerns, or for assistance with these matters at 217-479-7006.
The Financial Aid and Business Offices will hold all grades and/or official transcripts on incomplete Stafford exit loan counseling, outstanding student account balances, and incomplete Perkins Loan exit interviews. It is essential for the student to ensure these items are taken care of upon departure from the College.