educational indebtedness assistance

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Educational Indebtedness Assistance

GC WP N 25 05; N 25 15; N 25 30; N 45 05

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Types of Assistance

• General Educational Indebtedness• Reimbursement of Doctoral Degree

Expenses• Advanced Degree Indebtedness for

Nurses• Existing Service Indebtedness

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General Parameters• Benefit voted by MPPC• Benefit amounts stated in USD• Benefit administered/monitored at

the GC• Benefit paid over six years of service • IDE benefits from one policy

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General – GC WP N 25 05• Assists with existing educational

debt. • Can include living expenses while

attending school. • Provides up to USD6,000 in a six-

year term, or USD12,000 per couple on full-time budgets

• Applies to first term of service

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Conditions for Application1. Must have existing debt2. Must be on Code 1, 2, 3, 4, 6 budget3. Must provide current statement of

loan/account at time of appointment4. Host division/institution covers

expense for Code 4 budgets.

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Securing the Benefit1. Other-than-NAD based• Indicate educational debt when

sending financial clearance vote to GC

• Necessary for process:– Current account statement– Contact information for IDE – Relevant background information

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Securing the Benefit2. NAD-basedHappens as part of financial clearance process.

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Distributing the benefit• Paid directly to IDE’s account.• First installment – Paid after confirmation of arrival infield– Pro-rated for remainder of year

• Subsequent installments– Paid in January anticipating year of

service–Unamortized portion deducted from PR

benefits

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Doctoral–GC WP N 25 15• Reimburses a portion of personal

expenditure for doctoral degree• Considers actual expenses for

tuition, books, and required fees• Provides up to 70% annual

remuneration factor over 6-year period

• Splits costs 50-50 between GC and Host

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Conditions for Application• Completed degree within 36 months

of appointment• Called to serve as faculty at

institution of advanced education• Studied at some personal expense• Benefit not related to existing debt

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Securing the Benefit1. Other-than-NAD based• Work with GC to determine

eligibility• Necessary for process:– Copy of diploma (when available)– Amount of denominational support, if

any– Copies of proof of personal expenditure

(e.g. statement of account from institution, receipts, credit card statements, cancelled checks)

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Securing the Benefit2. NAD-basedHappens as part of financial clearance process.

3. Application of the policy requires prior agreement of the GC and calling division.

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Distributing the benefit• Paid directly to IDE’s account.• First installment – Paid after confirmation of arrival infield– Pro-rated for remainder of year

• Subsequent installments– Paid in January anticipating year of

service–Unamortized portion deducted from PR

benefits

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Nurse MS – GC WP 45 051. Assists with existing educational

debt for Nurses with Master of Science degree.

2. Provides up to USD7,500 in six years

3. Pays current interest on debt

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Conditions for Application1. Must have existing debt2. Must provide current statement of

loan/account at time of appointment3. GC and Host share costs 50-50 on

Code 1, 2, 6 budgets.4. Host institution covers expense for

Code 4 budgets.

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Securing the Benefit1. Other-than-NAD based• Indicate educational debt when

sending financial clearance vote to GC

• Necessary for process:– Copy of diploma – Copy of current statement of account – Contact information for Appointee

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Securing the Benefit2. NAD-basedHappens as part of financial clearance process.

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Distributing the benefit• Monthly payments sent directly to

loan company.• Payments start after confirmation of

arrival infield• Interest payments require monthly

statement

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Service – GC WP N 25 30• Suggests the debt be forgiven• Provides continued amortization by

employing organization (Host) of denominational service indebtedness.

• Retains original time frame.• Applies to Code 1, 2, 3, 4, 6 budgets.• Provides up to USD1,000 in

assistance from GC per year.

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Securing the Benefit1. Other-than-NAD based• Contact GC when service debt is

identified for Appointee or spouse• Necessary for process:– Terms of original contract– Projected balance at cessation of

employment– Budget assigned, if any

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Securing the Benefit2. NAD-basedHappens as part of financial clearance process.

3. Requires prior agreement from calling division and GC.

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Distributing the benefitWhen the IDE reaches the field:• Service indebtedness transfers from

Base institution to Host division (via GC).

• GC credits Host division with its pro-rated contribution for the first year.

• In subsequent years, the Host sends a debit memo to the GC at the close of each calendar year.