Philip and Sadie Sporn Loan Repayment
NOTE: Billing for this program will be handled by University
Accounting Service, LLC.
Please forward all inquiries, requests for forms, payments,
notification of address changes, and correspondence to:
University Accounting Service, LLC
PO Box 932
Brookfield, WI 53008-0932
As outlined in the promissory note(s) which you signed for
your Colvin Student Loan(s), the repayment procedures and your
obligations are as follows:
Simple interest of 3% per year on the total loan or unpaid
balance of the loan commences on the first day of the month
following the date of graduation, withdrawal, or leave of
absence from Rensselaer.
Repayment is made in quarterly installments, beginning with
the date given on the Exit Interview Agreement in the sum of at
least fifty dollars ($ 50.00) or 21/2% of the total value of
the loan, whichever is greater. The maximum repayment period is
therefore determined by the total amount of your loan (i.e.,
total loan of $ 200.00 -- four quarterly installments of
$50.00, plus interest on loan added to fourth installment --
maximum repayment period is one year). In no event will the
repayment period exceed ten years.
A full or partial repayment of the loan at any time, or a
payment in excess of the amount due at a given time in
accordance with the repayment schedule, is permissible.
Repayment ahead of schedule is urged, when possible, both to
save interest payments for the borrower and to make the money
available to other needy students.
A Philip and Sadie Sporn Loan borrower serving in the Armed
Forces of the United States, the Peace Corps, or VISTA, or
attending another institution of higher education as a
full-time student, may have installments on the principal
amount of the loan deferred, but interest will accrue and be
payable. Deferment of principal payments will be granted up to
a maximum of three years for military, Peace Corps, or VISTA
If the borrower returns to Rensselaer as a full-time
student, he may have installments deferred and interest will
not accrue on the loan while he is in attendance.
Requests for deferment must be made to University Accounting
Service, LLC. at the time payment is due and should be
accompanied by a letter of certification of your service or
attendance at an institution of higher education from the
Billing statements will be sent to you by University
Accounting Service, LLC. for each installment. It is your
responsibility to notify University Accounting Service of any
change in your address.
Philip and Sadie Sporn Student Loans are generally not
dischargeable in a bankruptcy during the first seven (7) years
in a repayment status.
Diplomas, grades, and transcripts will be held in the event
the account is in default.