TECHAID student loans

Criteria: financial need; enrolled at least half time.
Amount: variable.
Interest: 5 percent; does not accumulate until repayment period begins. Six month grace period; up to 5 years to repay.

Eligibility and Awarding

All Tech Aid loan eligibility and awarding is done through the Financial Aid Office. Once Michigan Tech receives your FAFSA information you will be notified of your Tech Aid eligibility by the Financial Aid Office.

Master Promissory Note

If awarded a TechAid loan you will receive an email from SignMyLoan@outsourcing.com with instructions on how to sign your electronic master promissory note. SignMyLoan is a web site that is made available through University Accounting Service (UAS),  our TechAid loan servicer. In order for your loan to be applied to your Michigan Tech student account you will need to complete the electronic master promissory note through the SignMyLoan web site.

The TechAid loan program requires that you sign one master promissory note that will cover all advances on your TechAid loan while you are enrolled at Michigan Tech. However, each year after you will be required to go on-line to the SignMyLoan website, https://www.signmyloan.com/, to accept the new year’s award.

Exit Interview

All students who have a Tech Aid loan and either graduate from Michigan Tech or drop below half time enrollment are required to complete an exit interview through our loan servicer, University Accounting Service, at https://www.uasexit.com/.

Please note that all future correspondence concerning your Tech Aid loan, including emails and billing statements, will come from University Accounting Service (UAS) and not Michigan Tech. It is important that you read all emails and mailings from UAS to keep your loan current. It is also your responsibility to keep your mailing address and email address updated with UAS so that you continue to receive updates on your loan status. You can either change your address with UAS on-line at http://uaservice.com/borrowerFAQ.html or contact them toll free at 800-999-6227.

Within a couple weeks of your graduation or drop in enrollment you will receive an email from University Accounting Service with the information you will need to complete your exit interview on-line. If you do not complete the on-line exit interview you will be mailed a paper version. Please complete your exit interview as soon as possible as there will be a hold on your Michigan Tech account preventing you from receiving grades, transcripts or your diploma until it has been completed. You may also be required to complete an exit interview for loans other than the Tech Aid that you have taken out during your time at Michigan Tech so please be sure you complete all exit interviews that are required of you.

Grace Period

Tech Aid loans have an interest-free 6 month grace period that begins at the time you graduate or cease to be enrolled at least half time. UAS will send you letters during your grace period to let you know how much longer you have left before your loan goes into repayment status.

Repayment

Once your grace period has ended UAS will send out your first billing statement which will be due one month later. To avoid late charges please make your payments by the indicated due date and mail your payments directly to UAS and not Michigan Tech. You will continue to receive quarterly billing statements from UAS until your loan is paid in full. You can sign up for electronic receiving and paying of your loan bills through the UAS web site at http://uaservice.com/borrowerFAQ.html.

Deferment Eligibility

If you re-enroll in a post-secondary educational institution as at least a half-time student you may be eligible an in-school deferment of payment on your Tech Aid loan. A deferment is a period of time during which interest on your Tech Aid loan does accrue and payments do not have to be made.  To obtain the necessary forms to apply for an in-school deferment please visit the UAS web site at http://uaservice.com/borrowerFAQ.html. You can also call UAS at 800-999-6227 to request this information in person.

If you are granted an in-school deferment UAS will send you notifications during the deferment period to inform you of when your loan will go into repayment again. After your deferment has ended UAS will begin to send you billing statements.

Please note that if you are applying for an in-school deferment you will need to do so for every semester that you are enrolled or your loan will go into repayment status.

Loan Default

It is important you make your payments by the due date listed on your billing statement. If your loan is 9 months past due it will be accelerated and referred to an outside collection agency. At this time the loan will be due in full and you will be responsible for the entire unpaid balance of the loan, including principal, interest, late charges and collection costs. You will not be eligible for any further federal student financial assistance and the default will be disclosed to credit bureau organizations and the NSLDS. You will also lose your right to receive cancellation benefits for service that is performed after the date of acceleration.

Address Changes

It is also your responsibility to keep your contact information including your mailing address, telephone number and email address updated with UAS so that you continue to receive updates on your loan status. You can either change your address with UAS on-line at http://uaservice.com/borrowerFAQ.html or contact them toll free at 800-999-6227.

Frequently Asked Questions

If you have questions financial aid awarding, including the Tech Aid loan, please contact the Financial Aid Office. (link to their site)

Currently enrolled students who have been awarded a Tech Aid loan should contact the Accounts Receivable Office at 906-487-2243 or student-billing@mtu.edu with questions.

If you are no longer enrolled at Michigan Tech and have any questions on the information stated above or on something that is not covered here please visit the University Accounting Service FAQ web site at http://uaservice.com/borrowerFAQ.html. Along with a list of frequently asked questions you will find detailed information on changing your address, exit interviews, and on-line payments. You can also call the UAS borrower toll free number at 800-999-6227 to speak to a Customer Service Representative.