Utah Student Loans
Education Yourself About Education Loans
The Utah Higher Education Assistance Authority (UHEAA) is the state agency that functions as the clearinghouse for student financial aid. UHEAA provides access to low-cost, low-interest Federal Family Education Loans as well as online financial planning tools, information resources and links for state institutions and participating lenders.
Benefits of Borrowing Federal Loans through UHEAA
Most people may not realize that when state agencies offer to finance federal loans they are utilizing tax-exempt bond monies provided by the state that are not subject to federal taxes. When you eliminate this taxation, the opportunity for deep savings is then passed along to the consumer. This is why so many state agencies vie for customers outside of private lenders. They can offer affordable loans to their state citizens.
Partnerships with Local Lenders
UHEAA has forged some very equitable alliances with a lot of lenders within the state. As a result of these partnerships, students may receive interest rate reductions on their federal loans. And in most cases associated loan fees like an origination fee are eliminated altogether, passed along as one more added benefit of doing business with UHEAA and their tribe of financial partners.
Students and parents may borrow Stafford Loans, both subsidized and unsubsidized, Perkins Loans and Graduate and Parent PLUS loans. Applying is as easy as filling out the online application.
Consolidation Loans
Consolidation loans fall into a category all their own. Not too long ago, consolidation was akin to admitting bad money management. Today, a consolidation loan is commonplace and encouraged. Lenders offer a cadre of attractive consolidation loans wrapped in some of the same benefits as their regular stable of loan programs.
Most students are forced to carry multiple loans just to be able to afford tuition. When they graduate they are under huge debt loads, and just think about those such as lawyers and doctors with exponentially more than most. While most loans now grant a six-month grace period, this may not be enough.
If you are even the slightest bit strapped for making your monthly payments, you should explore your options with the UHEAA consolidation loan. The agency requires you be a Utah resident or a loan holder with them to be eligible for the consolidation.
