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Educational Indebtedness Assistance

Educational Indebtedness Assistance. GC WP N 25 05; N 25 15; N 25 30; N 45 05. T ypes of Assistance. General Educational Indebtedness Reimbursement of Doctoral Degree Expenses Advanced Degree Indebtedness for Nurses Existing Service Indebtedness. General Parameters.

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Educational Indebtedness Assistance

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  1. Educational Indebtedness Assistance GC WP N 25 05; N 25 15; N 25 30; N 45 05

  2. Types of Assistance • General Educational Indebtedness • Reimbursement of Doctoral Degree Expenses • Advanced Degree Indebtedness for Nurses • Existing Service Indebtedness

  3. 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

  4. 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

  5. Conditions for Application • Must have existing debt • Must be on Code 1, 2, 3, 4, 6 budget • Must provide current statement of loan/account at time of appointment • Host division/institution covers expense for Code 4 budgets.

  6. Securing the Benefit • 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

  7. Securing the Benefit 2. NAD-based Happens as part of financial clearance process.

  8. 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

  9. 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

  10. 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

  11. Securing the Benefit • 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)

  12. Securing the Benefit 2. NAD-based Happens as part of financial clearance process. 3. Application of the policy requires prior agreement of the GC and calling division.

  13. 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

  14. Nurse MS – GC WP 45 05 • Assists with existing educational debt for Nurses with Master of Science degree. • Provides up to USD7,500 in six years • Pays current interest on debt

  15. Conditions for Application • Must have existing debt • Must provide current statement of loan/account at time of appointment • GC and Host share costs 50-50 on Code 1, 2, 6 budgets. • Host institution covers expense for Code 4 budgets.

  16. Securing the Benefit • 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

  17. Securing the Benefit 2. NAD-based Happens as part of financial clearance process.

  18. Distributing the benefit • Monthly payments sent directly to loan company. • Payments start after confirmation of arrival infield • Interest payments require monthly statement

  19. 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.

  20. Securing the Benefit • 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

  21. Securing the Benefit 2. NAD-based Happens as part of financial clearance process. 3. Requires prior agreement from calling division and GC.

  22. Distributing the benefit When 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.

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