Loans are a form of financial aid that must be repaid. Repaying your student loans establishes your financial independence and credit history. It is very important that you manage your loan payments carefully—failing to repay as agreed upon in your promissory note can have serious consequences to your financial well-being.
Your loan payments will be handled differently, depending on the program.
Student Financial Services (SFS) is your primary contact for repayment of University-administered loans. Those loan programs include:
- Federal Perkins Loan
- University Trust Fund Loan (UTFL)
The University does not service FFEL Stafford, Direct, Student Educational Loan Fund (SELF), Parent PLUS, or Direct Graduate/Professional loans.
Billing and access to online loan information
ECSI is the University's electronic loan servicer for any University-administered loans you received while attending the University of Minnesota.
You will receive monthly billing statements from ECSI. Your billing statement will be sent to you early each month. If you have multiple loans in repayment, you will receive one statement for all of your University-administered loans. If you have loans in repayment at the University of Minnesota Duluth (UMD) as well as any other U of M campus, your billing for the other campus(es) will be separate.
Online account access
Access your ECSI account online to manage your loan repayment. Use your ECSI Key (not your federal aid FSA ID number), included with the billing statement. If you do not have a billing statement, please contact Student Financial Services (SFS) to have your Key mailed to you.
Payment must be received electronically, in person, or by mail on the 15th day of the following month by SFS. Postmarks are not considered proof of timely payment.
If you do not receive a bill, you are still expected to make a payment by the 15th of the month. Send your check or money order with your name and University student ID to SFS. Your canceled check is your receipt.
You may pay without penalty all or any part of the loan principal and accrued interest at anytime before it becomes due. If you would like to do this, please contact Student Financial Services (SFS).
Recurring payments are the cheapest and easiest way to ensure you remain current on your loan payments. You will receive an e-billing statement and your monthly payment will be automatically deducted from your checking or savings account.
Set up this secured service on the ECSI website.
Electronic bank transfer (non-recurring)
You can make a same-day electronic loan payment transfer from your checking or savings account for a small fee. Sign into the ECSI website to make this transaction.
Pay by credit card
ECSI will also accept credit card payments. A sliding-scale transaction fee, based on your loan amount, is charged for this service. Sign into the ECSI website to make these transactions.
Pay in person
You can make a payment in person at the SFS office at 129 Darland Administration Building—by check or money order only—for the exact amount you want to apply to your loan balance.
Pay by mail
If you would like to mail a check or money order to make a payment on your loan balance:
- Make the check or money order for the exact amount you want to apply to your loan
- Send it in time to arrive (not postmarked) on or before the due date
- Include the statement stub or a note with your name and student ID number
Send your billing statement and payment to:
University of Minnesota Duluth
Student Financial Services
1049 University Dr.
Duluth, MN 55812
Your receipt for a mailed in payment is your canceled check or copy of your money order.
The University assesses monthly late fees and places a hold on your academic records if you fail to make a payment when due. A fee of up to 20% of your monthly installment is added to the balance due whenever you make a late payment.
If you fail to make loan payments, your loan will go into default status. As required by federal law, the University will disclose your loan default to a national credit bureau organization, along with other relevant information.
Please do not hesitate to contact Student Financial Services (SFS) if you have concerns or questions about your ability to repay your loans on schedule.
For repayment information on a private loan, contact your lender