Is UHEAA a federal student loan?
Loans serviced by UHEAA are held under the Federal Family Education Loan (FFEL) Program and do not currently qualify for the automatic National Emergency Forbearance. However, additional postponement or repayment options may be available to you during this time of uncertainty.
How do I get a student loan deferment letter?
Request a Deferment Most deferments are not automatic—you need to submit a request to your student loan servicer, often on a form. Also, for most deferments, you must provide your student loan servicer with documentation to show that you meet the eligibility requirements for the deferment.
How long does it take to process a student loan forbearance?
If you chose to stop making payments during that time, your loans will be placed into a forbearance or stopped collection status, depending on whether your loans in default. If you choose to stop making payments, that status will be processed usually within two weeks of the date you apply.
Can you defer student loans while in military?
Military deferment is available for federal student loans if you’re serving on active duty or if you’re in the National Guard either deployed, or full-time and your service is during a time of war, military operation or national emergency.
What happened to UHEAA?
Utah’s Higher Education Assistance Authority has been a prime servicer of the federal loan program, but recent federal contracts have been unprofitable and the assistance authority, in October 2020, exited the federal loan servicing business and 146 employees lost their jobs.
What type of loan is UHEAA?
UHEAA administers student loans originated under the U.S. Department of Education’s Federal Family Education Loan Program. Additionally, UHEAA’s RepayCentsibly program provides financial aid literacy, loan repayment assistance, and default prevention services to students and schools.
Will Covid student loan forbearance be extended?
While the U.S. Department of Education previously stated that the forbearance period would end on May 1, its most recent press release says that the extension was implemented in response to the economic consequences of the COVID-19 pandemic. The student loan payment pause now ends on Aug. 31, 2022.
Does the military forgive student loans?
The Army and Navy Reserves can provide up to 15% or $1,5000 (whichever is greater) in federal loan forgiveness annually for qualified individuals who are enlisting for the first time. You will have to have the loans before enlisting and sign on for at least 6 years of service. This benefit is capped at $20,000.
Who took over UHEAA?
In 2010, the federal government ended the Federal Family Education Loan Program for state and local partners and replaced it with a direct student loan program administered by the U.S. Department of Education.