Frequently Asked Questions



About Us

The Utah Higher Education Assistance Authority (UHEAA), a subsidiary of the State Board of Regents, is an agency of the State of Utah which administers Utah’s student financial aid programs, including the student loan guarantee program and secondary market, state need-based financial aid, the Utah Educational Savings Plan Trust, and the Utah Engineering and Computer Sciences Loan Forgiveness Program. UHEAA’s mission includes comprehensive outreach and information to assist citizens in planning for and financing post-secondary education, and special programs to keep student loans affordable and help borrowers avoid delinquencies and defaults.

UHEAA administers the following state and federal student financial aid programs:

-Utah Student Loan Guarantee Program (LGP)

-Utah State Board of Regents Loan Purchase Program (LPP)

-Utah Centennial Opportunity Program for Education (UCOPE)

-State Matching Grants for USHE Institutions’ Campus-Based Federal Programs

These programs exist to provide financial and informational assistance to Utah residents and students attending Utah post-secondary institutions in making the best decisions about and obtaining financial access to higher education.

UHEAA is a subsidiary of the Utah State Board of Regents with the specific mission of assisting students with ties to Utah. CornerStone is a national service that was created to service federal student loans throughout the nation.



Automatic Payments

You can quickly sign-up for automatic payments directly through your online account. When applying for automatic payments, you will need to be prepared to provide your individual banking information.

  1. Sign into your online account
  2. Click the Payments and Billing tab
  3. Select Automatic Payments
  4. Follow the instructions under Sign Up for Autopay

Once you’re enrolled in automatic payments, your monthly minimum will be deducted from the specified bank account on your monthly due date. No manual payments are required!

You must allow at-least three business days prior to your payment due date in order to stop an automatic payment from being drawn.

For due dates that fall on a weekend, we must still receive notification three business days beforehand in order to successfully cancel the payment.

Unfortunately, the electronic withdrawal process prevents us from altering or canceling automatic payments within three business days of the payment due date. If you need to cancel a payment after this time has passed, we encourage you to contact your bank and request a one-time stop payment.

Absolutely! You can specify an additional amount to be withdrawn when applying online.  Please be aware that the additional amount will be withdrawn every month. If you’re looking to just make an additional one-time payment, we recommend scheduling a manual payment for the extra amount you’d like to pay that month.

Your payment will be withdrawn on the next business day, but will always be posted to our system as of the due date in order to keep your account current. Your payment will never be drawn before your due date.

Log into your online account and select “Payments and Billing” on the left-hand side, and then select “Automatic Payments.” If you’re already signed up for automatic payments, it will list your account and payment information. If you have not signed up, it will allow you to enter your banking information.

Your online request will be processed automatically; however, if you’ve already been billed for the current month, your automatic payments will not begin withdrawing until your next due date. Generally, bills are sent out 21 days prior to your due date. If you’ve already received your bill, please make a manual payment to cover your outstanding bill. Once you’re enrolled in Autopay, your online portal will display your upcoming direct debit date, and the amount to be withdrawn within the Account Summary page.

If you need to change your current banking information, you will need to reapply with your updated information. 

If you’re looking to adjust the additional amount being withdrawn each month, or cancel your Autopay, give one of our Loan Specialists a call today!



Borrower Benefits

UHEAA will reduce the interest rate charged to borrowers on Federal Stafford and Federal Parent and Graduate/Professional PLUS loans that are guaranteed and owned by UHEAA as determined by the date of loan servicing begin date (repayment date):

– For loans first disbursed on or after July 1, 2008, by 0.25%.
– For loans first disbursed on or after January 1, 2008 and before July 1, 2008, by 0.50%.
– For loans first disbursed on or before December 31, 2007, by 1.25%.

UHEAA will reduce the interest rate charged to borrowers on Federal Consolidation loans that are guaranteed and owned by UHEAA as determined by the date of first disbursement and UHEAA’s ability to continue providing the benefit to borrower. The interest rate is currently being reduced as follows: (please note that UHEAA indefinitely suspended originating Federal Consolidation loans effective September 1, 2008):

– For loans disbursed on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the interest rate by 0.25%.
– For loans first disbursed on or after May 1, 2006 and before December 31, 2007, UHEAA will reduce the interest rate by 0.50%.
– For loans disbursed on or before April 30, 2006, UHEAA will reduce the interest rate by 1.25%.

Please be advised, UHEAA Borrower Benefits are subject to change without notice and are subject to the following:

– In order to qualify for the Automatic Payment Benefit, all of a borrower’s loans serviced by UHEAA must be set up for automated payments.
-Loans in deferment, forbearance or grace status are not eligible for the Automatic Payment Benefit.
-An Automatic Payment Benefit application received for a loan in deferment, forbearance or grace status will be processed once the loan enters repayment.
-The Automatic Payment Benefit interest rate reduction will remain in effect as long as UHEAA determines it can provide the benefit.
-The benefit may be reduced or eliminated at UHEAA’s discretion.
-The Automatic Payment Benefit may be canceled if the loan has a returned transaction for any reason. For example. NSF, Account Closed, Incorrect Transit/Routing number, deferment or forbearance.
-If the Automatic Payment Benefit is not canceled upon deferment or forbearance, the loans accrue interest at the federal statutory rate, not the reduced rate, during periods of deferment and forbearance. During periods of deferment, the U.S. Department of Education will pay the accrued interest on subsidized loans at the statutory rate.

For Federal Stafford or Federal PLUS loans guaranteed by UHEAA prior to May 1, 2000 and first disbursed on or after January 1, 1995, UHEAA will credit to the borrower’s principal balance an amount equal to the Origination Fees paid by the borrower in excess of $240 after the borrower pays the first 24 monthly payments on time.

The Timely Payment Origination Fee Credit Benefit is subject to the following:

– The borrower is allowed to make three late payments between 15 and 30 days after the due date without losing eligibility for the Timely Payment Origination Fee Credit Benefit.
– The borrower is immediately disqualified from the Timely Payment Origination Fee Credit Benefit if a payment is 31 days or more delinquent.
– The Timely Payment Origination Fee Credit Benefit is the net amount of origination fees charged to the borrower in excess of $240. To qualify for this benefit the total indebtedness of a borrower’s loans held by LPP must exceed $8,000.
– Periods of time when a loan is in deferment or forbearance are not used to calculate the 24-month time period.
– Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment.

Please be advised, UHEAA Borrower Benefits are subject to change without notice.

The Timely Payment Benefit is dependent on the following criteria:

– Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 2008 and before April 30, 2008, UHEAA will reduce the outstanding balance by 2% if the borrower pays the first 48 monthly payments on time.
– Federal Stafford or Federal Parent and Graduate/Professional PLUS loans guaranteed by UHEAA that first entered repayment on or after January 1, 1993 and before December 31, 2007, UHEAA will reduce the interest rate 2% if the borrower pays the first 48 monthly payments on time.
– Federal Consolidation loans guaranteed by UHEAA and originated on or after May 1, 2006 and for Federal Consolidation applications received prior to October 8, 2007 which result in a UHEAA guaranteed Federal Consolidation loan, UHEAA will reduce the interest rate 1% if the borrower pays the first 36 monthly payments on time.
– Federal Consolidation loans guaranteed by UHEAA and originated on or after January 1, 1993 and before April 30, 2006, UHEAA will reduce the interest rate 1% if the borrower pays the first 48 monthly payments on time.

Eligibility for this interest rate discount is subject to the following additional terms and conditions:

-The borrower’s loan is immediately disqualified from the Timely Payment Benefit if a payment is made 15 days or more after its due date.
– The Timely Payment Benefit can be earned only during the first 48 or 36 months of repayment (depending on the type of loan and the origination date).
– Periods of time when an account is in deferment or forbearance are not counted in the 48- or 36-month time period.
– Lump-sum payments count as eligible monthly payments if the due date is advanced. If the borrower instructs UHEAA to post a lump sum payment as a principal reduction and advises UHEAA not to advance the due date, the lump sum amount will count as one monthly payment.
-A borrower must make 36 or 48 timely payments on all open loans in order to qualify.
-A borrower may not pay a single open loan or a subset of open loans ahead of other loans in order to accelerate eligibility.
– Federal Stafford or Federal PLUS loans entering repayment, or Consolidation Loans originated, prior to January 1, 1993 do not qualify for this benefit.
– If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans held by LPP on which this benefit has been earned, the borrower must re-qualify for the Timely Payment Benefit.
– If a borrower consolidates Federal Stafford or Federal Parent and Graduate/Professional PLUS loans, the statutory rate, not the reduced rate, will be used to calculate the weighted average of the Federal Consolidation loan.

Please be advised, UHEAA Borrower Benefits are subject to change without notice.

For Federal PLUS loans held by LPP and guaranteed by UHEAA with a first disbursement date on or after July 1, 1999 and before July 1, 2006, UHEAA applies a credit to your Federal PLUS loan principal balance equal to the amount of interest paid by you during the first 12 months of repayment, subject to the following:

– The PLUS Loan Interest Credit Benefit is calculated using the actual amount of interest paid on the account during the first 12 months of repayment. Capitalized interest does not count toward the credit.
– Periods of deferment or forbearance do not extend the 12-month repayment period.
– The Federal PLUS Loan Interest Credit Benefit is calculated and applied to the loan principal balance within 60 days after the end of the first 12 months of repayment.
– If a borrower pays a Federal PLUS loan in full during the first 12 months of repayment, the credit will be applied to the account and then refunded as an over-payment within 60 days of payoff. Over-payments are refunded to the borrower by check. If the loan is paid in full, the interest credit is equal to the actual amount of interest paid on the account, including accrued interest paid by consolidation.
– If the loan is paid in full by consolidation and the consolidation loan is held by LPP, the credit is applied to the consolidation loan.
– Lump-sum payments cannot accelerate Federal PLUS Loan Interest Credit Benefit eligibility. The loan does not become eligible for this benefit until the first 12 months of repayment have elapsed or the loan is paid in full, whichever comes first.
-Loans that are rehabilitated and repurchased are not eligible for the Federal PLUS Loan Interest Credit Benefit.

Please be advised, UHEAA Borrower Benefits are subject to change without notice.

The UHEAA Borrower Benefits Legal Disclosure is available at the link labeled “Legal” in the footer (bottom) of this page. It can also be accessed directly here.



FAFSA and Financial Aid

Financial aid is awarded through the  U.S. Department of Education. To apply for additional financial aid, please complete the FAFSA application.
 
Aid that is based on a student’s ability to pay is called need-based aid. The primary process for determining need is the Free Application for Federal Student Aid (FAFSA). This form is submitted by the student and his or her family every year. Applicants must provide financial information on these forms, which is processed according to a federal formula. Information from this form is provided to schools and is used to determine the type and amount of aid a student is eligible to receive. 

Financial aid must be used to pay the cost of education, which may include:

-Tuition and Fees
-Books and Supplies
-Transportation
-Housing
-Food
-Personal Expenses

It’s to your advantage to apply as early as possible. Deadlines for financial aid programs vary. For more information regarding specific deadlines, we encourage you to check with your school’s financial aid office, your high school guidance counselor, or visit the FAFSA Deadline Website.

This is dependent on when you applied for FAFSA. Contact your school’s financial aid officer for more information.



Loans

The best way to determine what type of student loans you have is by accessing NSLDS. The National Student Loan Data System houses comprehensive information regarding all federal student loans.

Please be advised, you will need your FSA username and password to access NSLDS.

Those authorized to have information about a student loan account guaranteed by UHEAA are:

 -The U.S. Department of Education

-The school of attendance

-The bank or credit union lending the money

-The three major credit reporting agencies

-Any person authorized by the borrower

Be please advised, no information about a borrower’s account can be given to an unauthorized third-party. Without the permission of the borrower, we cannot even confirm that a borrower has an account with us, or disclose any information specific to the borrower’s account.

We can provide account specific information to any individual whom the borrower explicitly authorizes to receive information. However, while a borrower can request any and all changes to his/her account, an authorized third-party cannot.

To authorize an individual, the borrower needs to complete an the Authorization to Release Information to a Third Party request form and sign it with his/her legal signature.

Because of changes enacted by Congress, all student loans made after July 1, 2008 were transferred to the U.S. Department of Education. This is a potentially confusing and frustrating situation and we at UHEAA pledge to do all we can to help you manage all your student loans. We sent letters to all the affected borrowers showing which loans were transferred (and which weren’t, in some cases).

Subsidized means that the government pays the interest on the applicable loans while the student is in school at-least half time or in periods of deferment. For loans disbursed before July 2012, the government pays the interest while the borrower is in their grace period.

Unsubsidized means that the borrower is responsible for paying the interest on the loans from the moment they are disbursed (even while you’re in school or deferment). The outstanding interest can be capitalized (added to the principal) at specific times over the life of the loan.



Miscellaneous

If your tax return does not reflect your income or if you did not file taxes, you may submit income documentation as directed in Section 5 of the Income-Driven Repayment Plan request form.

If your loans have defaulted and you are participating in the Loan Rehabilitation Program, you may submit the Alternative Documentation of Income form with any necessary accompanying documentation.

You only need return the pages that have been completed, along with any supporting documentation.

All request forms include extra informational pages to assist you in filling out the forms. You are also welcome to contact us for further information regarding forms.

You can return your forms by mail and fax. We do not encourage you to email any forms as they include personal information and email is not a secure channel of communication; however, it is an option if needed.

Our mailing address, e-mail address, and fax numbers are listed on our Contact Us page.



Payments

Payments will be applied to any outstanding late fees first, accrued interest second, and to the principle balance last.

The four ways to make a payment are AutoPay, online payments, payments over the phone and payments through the mail.

The easiest way to make a payment is by enrolling in automatic payments. You can sign up directly through your online account and can set up your payment to be withdrawn on time each month without having to manually submit your payment. 

The two ways to make a payment are over the phone and through mail. If you’d like to make a payment by mail, our mailing address can be found on our Contact Us page.

If a co-borrower is making a payment over the phone with a representative, they will need be prepared to verify the following information about the primary borrower:

  1. Full Social Security Number
  2. Full Name
  3. Date of Birth
  4. Bank routing and account number

If your account is current and you make a payment towards your loan(s) that is greater than your monthly minimum, the remainder of your payment will start to satisfy future bills.

For example: If your monthly payment is $50.00 and you make a $100.00 payment, your current bill, as well as next months bill will be satisfied.

When you’re in a paid ahead status, your billing statement will reflect as $0.00 due. The bill will also include language at the bottom of the statement informing you of the date and the amount due for your next payment.

You are still welcome to make payments while in a paid ahead status. Be advised that even though you aren’t required to make a payment, interest will still accrue daily. Any payments made in a paid ahead status will be applied to outstanding interest first, followed by your principle balance.

A benefit of being in a paid ahead status is that it can shorten your repayment timeline. Also, if you continue to make payments while in a paid ahead status, more of your payment will go towards the principle balance and in turn, you’ll pay less interest over the life of the loan.

While in a paid ahead status you aren’t eligible for forbearances or deferments; however, because your loan is paid ahead, you shouldn’t need to request these options. You can skip the bills that are already satisfied without worrying about needing to postpone a payment. As soon as your loan is no longer paid ahead, you will become eligible for postponement options once again.

You also cannot change your due date while in a paid ahead status. Once the status has been lifted, you can change your due date by simply giving us a call!

Absolutely! If you would like to be removed from the paid ahead status, please contact us.

Be advised, in order to remove you from a paid ahead status, your loans may be subject to re-disclosure. Your account is re-disclosed in order to recalculate your monthly payment based on your total loan balance and how many remaining terms (months) you have left to repay your loan. This may result in a lower monthly payment. If your monthly payment decreases, you are welcome to make a payment higher than your monthly minimum; however, this could cause you to enter a paid ahead status again.



Scholarships

The best place to start is at the financial aid office of the college that you are planning on attending and/or the counseling center at the high school you are currently attending. They will have the most detailed information for scholarships relevant to your particular major or field of study.