Higher Ed Utah

Near-missionaries:  You’ve grown a foot or two, and now it’s time to embark.  Sisters, good luck finding comfortable, un-frumpy shoes (the phrase contradicts itself).  Elders, the only foolproof way to avoid a Dear John is to break up with her first.  I’m just saying.

 Here are three things you need to know before plunging into the Empty Sea*:

One: You will lose your grace – not the amazing kind, fortunately, just your grace period.  Six months and it’s gone the way of your ex-girlfriend and you’re in repayment.  This does not mean you’ll have to make payments when you’re back in school; an in-school deferment can take care of that.  But onward, ever onward, bills are due whenever you’re not in school. 

Two: So how to handle repayment while you’re away?  To postpone the bills, you have two options.  Like a companionship.  Think of them as Elders Forbearance and Income-Based Repayment (IBR).  Both are on the same mission: to relieve you of payments for a little season.  Here’s how their door approach differs:

•  Elder Forbearance simply postpones your payments.   After you’ve had the best 1½-2 years of your life, payments resume.  You should know that, except under exceptional circumstances, UHEAA offers only three years of forbearance.  Selecting this option uses up a significant portion of that limit.
•  Elder IBR is more complicated.  A summary won’t do him justice, but here it is:  Your payment amount is recalculated as a percentage of your income.  If your income is $0, your payment is $0.  When you return with honor, your payments will (1) continue to be based on your income, or (2) be based on a 10-year term or whatever is left of your original term.

 Three: We don’t want to go tracting!  That’s what you’re not getting paid for.  Please leave us a correspondence address.  If it comes to pass that we can’t find you, your loan could go delinquent without you knowing.  Both forbearance and $0 IBR payments end after one year and require your consent to renew. 

 To minimize distractions, some missionaries authorize a trusted parent to manage the loan account in their absence.  Our third-party authorization form lets you name who can discuss (but not act on) your account with us.  To take action on your account, a person must have power of attorney.  However, your advance authorization isn’t needed for someone to make your payments or update your address.

Go to the Forms section of uheaa.org for missionary resources, or contact a knowledgeable representative at uheaa@utahsbr.edu, (801) 321-7294, or toll free at (877) 336-7378 to discuss your options in depth. 

 *i.e., Missionary Training Center (MTC)