Origination Fees No Longer Paid by Chase Bank and US Bank

Utah Higher Education Assistance Authority has been notified by Chase Bank and US Bank that they will discontinue paying the 1.5% origination fee for loans guaranteed on or after June 1, 2008.  For these banks, the origination fee will be deducted from the borrower’s loan proceeds.  It should be noted that on loans for which the first disbursement is made on or after July 1, 2008 the Higher Education Reconciliation Act (HERA) of 2005 reduced the origination fee from 1.5% to 1%.

Any questions related to this Bulletin should be directed to UHEAA Policy and Training at 801.321.7166, or by e-mail to mjohnson@utahsbr.edu.

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