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About
ACS (Affiliated Computer Services, Inc.)
ACS
was hire by our Institution as an agent to assist our students
in meeting their obligations for repayment on their loans.
ACH
(Automatic Deduction/Checkmate II)
ACH is
a free program that will work in cooperation with your bank
and end the need of writing a check for your student loans
whether it is monthly or quarterly, saving you time and money.
Complete an Authorization Form, print
out and send to: Checkmate, 2505 S. Finely Road, Suite 100,
Lombard, IL. 60148-4899 *Make sure to include a voided check
from your checking account or if using your savings account,
a voided deposit slip. This is a good way for getting your
payments in on time and avoiding any late charges or negative
credit reporting.
Billing
Process
ACS sends out statements a month before your payment is
due. Caltech Students are billed quarterly (every three months)
when they go back into repayment. Borrowers can also request
to be billed monthly by sending a letter or calling the Bursar's
Loan Collection Desk.
Repayment
When
leaving the institution, each borrower who has a Federal Perkins,
Federal Direct Subsidized, Unsubsidized, and PLUS Stafford
loan (s), or Institutional loans, will have to visit the Bursar's
Office for an Exit Interview. During your exit interview you
will be informed of your repayment schedule.
Borrowers with Federal Perkins or Institutional loan (s) have
a minimum quarterly payment of $120.00. You will have a year
from the date of graduation or departure from the institution
before principal will accrue. The interest will start to accrue
the day after your 9-month grace period ends if you cease
to be registered as at least a half-time student.
Those students with a Federal Subsidized, Unsubsidized, and
PLUS Stafford loan (s) will be given all necessary paperwork
from the Department of Education regarding a repayment plan.
The loan program offers repayments plans that are designed
to meet the needs of almost every borrower. These loans only
have a 6-month grace period. Interest begins to accrue on
the day after you cease to be registered as at least a half-time
student.
Late
Payment
A late fee will be applied to your
loan account (s) if you have not made your payment on time
and if you don't submit a deferment in a timely manner.
Prepayment
If you send more than the amount due, it is considered a prepayment.
It will be applied to the outstanding principal balance of
the loan and will not be applied to future payments.
Consolidation
A Federal Loan can be consolidated making a student loan (s)
easier and affordable. You may combine all your eligible loan
(s) into one new loan with monthly payments. If you are a
borrower who is in grace or repayment and are interested in
reducing monthly expenses, you might want to consider a loan
consolidation.
Eligible
loans:
1.
Federal Subsidized and Unsubsidized Stafford loans
2. Federal Direct
3. Federal Parent loans (PLUS)
4. Federal Perkins loans
ACS (Formerly
AFSA) provides consolidation. Just fill out the Federal
Consolidation Application, print it out, sign it, and
mail it to:
ACS
Attention: Loan Consolidation
P.O. Box 92265
Los Angeles, CA. 90009
Express
Pay
You can make payments to your student loan accounts online,
if you click on the link https://www3.afsa.com/bac/GENL/Login.html.
You will need to register on the right of the web page for
a USER NAME and PASSWORD. By doing this you will have access
to your account(s) and be able to make your payment.
E-Billing
E-Bill providers allow you to view, save, and pay bills
from many companies such as:
- Bills.com
https://www.thevalidnetwork.com/wbp322/
wps?&sp=7517&rq=gf&file=about_this_service.htmlt
- CheckFree
http://www.checkfree.com
- USPS
eBillPay
http://www.usps.com/paymentservices/psconsum.htm
- Yahoo!Finance
http://finance.yahoo.com/bp
There
are many more companies to choose from. Click on the following
link for an additional list of service providers
http://www.checkfreecorp.com/ebillservices.jsp
Rehabilitation
for Federal Loans
The Loan Rehabilitation provision of the Higher Education
Act went into effect July 1, 2000. This program has a onetime
benefit for defaulted borrowers giving them an opportunity
to bring loan (s) current and erasing negative credit reporting
for that loan (s). In order for you to rehabilitate your
institutional
loan (s) you will have to have a Federal loan or your institutional
loan will not be eligible for rehabilitation. If you are
a
borrower who has defaulted on your Federal loans and would
like to know more about this program, you can contact either
Abby Gosalvez at (626) 395-6752, e-mail christian.gosalvez@caltech.edu.
Tuition
Repayment
Students are requested to pay in full all personal account
charges including tuition fees before leaving Caltech. If
there is an outstanding balance and you are not able to pay
it in full you can contact Megin Soriano
at (626) 395-6753, e-mail megin.soriano@caltech.edu
or the Bursar's Office at (626) 395-2988, e-mail bursar@caltech.edu.
You can schedule a time to come in (walk-ins are welcomed)
to our office to set up a payment plan and sign a promissory
note. If you fail to honor your payment plan your account
will be turned over to the collection desk for further action.
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