Update Regarding Repayment and Forbearance Options Available to Missionaries
Utah Higher Education Assistance Authority (UHEAA) is updating the guidance regarding borrowers serving as missionaries. In the past, UHEAA recommended that borrowers apply for an Economic Hardship Deferment Request. Effective July 1, 2009, the College Cost Reduction and Access Act (CCRA) eliminated eligibility criteria that allowed borrowers serving missions to receive this deferment.
UHEAA will be contacting schools with significant missionary populations to discuss ways to assist schools and borrowers in understanding the options available to them.
Effective July 1, 2009, CCRA also introduced a new repayment plan called Income Based Repayment (IBR). Under IBR, the amount an eligible borrower would repay each month is based on the borrower’s income and family size. For borrowers serving missions, IBR may provide a valuable student loan management tool. A forbearance, a period of time during which the borrower is permitted to temporarily cease or reduce payments, is also available. Please refer borrowers to a UHEAA Customer Service Representative at (801) 321-7294, or toll free at (877) 226-7378 to discuss these options.
Any questions related to this Bulletin should be directed to UHEAA School Services: Cinda Salazar Eresuma (801) 321-7279 or Brett Lutz (801) 366-8474.
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