Utah Higher Education Assistance Authority

UHEAA Recommends that Students and Parents Visit Financial Aid Offices for the Best College Planning Advice

As newly accepted and current college students and their families begin looking for information about how to pay for college expenses, they should know that UHEAA recommends that students and their families visit the financial aid office at the campus of their choice. Financial aid administrators are highly trained advisors, who can be trusted to provide unbiased information about how to pay for a higher education. They do not charge fees to families for information concerning planning for college.

The financial aid process is complex, lengthy and families can be overwhelmed by the financing options and information sources that at times are more confusing than helpful.

“The college financial aid administrators in Utah are the people on the front line, working to assist students and families to understand the best options available to make school as affordable as possible,” said UHEAA Executive Director David Feitz.

“UHEAA has a history of advising families to thoroughly investigate financial aid information before agreeing to any loan offers. Students and parents should consider loans only after they have explored all the grants, scholarships and awards available. The same rules apply to paying for college as to any other purchase: work with people you can trust; understand what you are signing before committing; and if it sounds too good to be true, it probably is,” Feitz said.

In commemoration of Financial Literacy Month, the Utah Higher Education Assistance Authority (UHEAA) and the Utah Chapter of Jump$tart Coalition for Personal Financial Literacy, are proud to announce that Daniel Wouden, of Murray High School, and Jonathon Cannon, of Viewmont High School, are winners of the annual UHEAA/Jump$tart Coalition Financial Literacy Scholarship. Both competed in an essay contest demonstrating a strong knowledge of financial literacy concepts regarding financial collegiate planning.

Daniel Wouden has aspirations to continue his education at either Utah State University or the University of Utah. Jonathon Cannon plans to attend either UNLV or the University of Utah. Each will receive a $1,000 scholarship! UHEAA and the Utah Chapter of Jump$tart Coalition promote general financial literacy; especially the concepts of saving, planning, and paying for college. Congratulations Daniel and Jonathon!

College Cost Reduction and Access Act of 2007 (CCRAA) - Interest Rate Reduction

The new law (the College Cost Reduction and Access Act of 2007) adjusts interest rates for student loans under the Federal Family Education Loan Act (FFELP). The new lower interest rates are for subsidized undergraduate loans disbursed after July 1, 2008, and are as shown in the chart below:

Loans disbursed on or after:		Rate:
	July 1, 2008	6.0%
	July 1, 2009	5.6%
	July 1, 2010	4.5%
	July 1, 2011	3.4%

If you have questions, please contact a Customer Service representative at (801) 321-7294 or toll free at (877) 336-7378 Monday through Friday 8 a.m. to 8 p.m. or Friday 8 a.m. to 5 p.m.

Formerly the Military Deferment for FFELP loans was only applicable to FFELP loans disbursed on or after July 1, 2001. The CCRAA makes this deferment available for all FFELP loans, regardless of the disbursement date. The period of active duty must include or begin after October 1, 2007.

Under this deferment, borrowers who have served in the military have an additional 180 days at the end of active duty before the deferment ends. To be eligible, borrowers must provide UHEAA with documentation of the end of their military service date.

Borrowers who were enrolled in school within six months of beginning active duty may be given an extra 13-month deferral time period to return to school. To be eligible, borrowers must provide UHEAA with documentation of the end of their military service date and of their status as members or retired members of the National Guard or other reserves.

If you have questions, please contact a Customer Service representative at (801) 321-7294 or toll free at (877) 336-7378 Monday through Friday 8 a.m. to 8 p.m. or Friday 8 a.m. to 5 p.m.

Forms to request this deferment are available on this web site under Forms on the main page.

If you have questions, please contact a Customer Service representative at (801) 321-7294 or toll free at (877) 336-7378 Monday through Friday 8 a.m. to 8 p.m. or Friday 8 a.m. to 5 p.m.

UHEAA The UHEAA Board of Directors voted last week to continue offering nation leading borrower benefits. UHEAA is pleased to offer No Fee Loans on Stafford and PLUS loans and a 0.50% interest rate reduction for making payments using automatic deduction. [MORE]

UHEAA is pleased to announce that Customer Service Representatives are now available at 877.336.7378,
Monday - Thursday 8:00 a.m. to 8:00 p.m. and
Friday 8:00 a.m. to 5:00 p.m. You may also reach a Customer Service Representative by email at uheaa@utahsbr.edu.

Utah Higher Education Assistance Authority (UHEAA) reminds students and their families that the 2008-09 Free Application for Federal Student Aid (FAFSA) is now available and should be completed as early as is possible in the New Year. Filing early, prior to your school’s priority filing deadline could improve the student’s chances to receive limited grant and work study funds in their award package.

The FAFSA is the form that is used by the federal government and schools to determine eligibility for most types of federal, state and institutional student aid. Tax information is needed from students and parents so families should either file their taxes prior to completing the FAFSA or submit their FAFSA based on 2007 estimated tax information.

Traditional paper FAFSAs are available from school counselors, the postsecondary school students are planning to attend or the U.S. Department of Education by calling 800.4.FED.AID or at fafsa.ed.gov. Filing your FAFSA electronically speeds up turnaround time. Students and parents filing the FAFSA online will need a Personal Identification Number (PIN) to serve as their electronic signature. Visit pin.ed.gov to obtain your PIN before completing the FAFSA.

The federal government will send applicants and their school a Student Aid Report (SAR) about one week after filing electronically and one month after filing a paper FAFSA. The SAR identifies a student's Expected Family Contribution (EFC) toward their education costs. The difference between a student's annual education costs and their EFC determines their financial need. Schools use SAR information to ensure that the student receives the most complete student aid package available.