UHEAA Board Approves Borrower Benefits

On June 26, 2008 the Utah Higher Education Assistance Authority Board of Directors approved borrower benefits for FFELP loans as outlined below.  Following the mission and goals the Board has previously outlined, UHEAA will continue to offer borrower benefits that are among the nation’s best.

For loans first disbursed on or after July 1, 2008, borrowers may receive the following benefits:

• The Origination and Default Fees will be funded by UHEAA for Federal Subsidized and Unsubsidized Stafford Loans.  Borrowers will receive the full amount for each disbursement.
  
  
• The Default Fee for Federal PLUS loans will be paid by UHEAA.

• The interest rate is automatically reduced by 0.25% on Federal Stafford and PLUS Loans for borrowers who apply for the automatic payment withdrawal (AutoPay) program for those loans.

In addition to these benefits, UHEAA offers local service and state-of-the-art technology.  Revised brochures announcing these and pertinent regulatory changes will be distributed shortly.

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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