Changes to PEF Loan Incentives


In the past, there were things you could do to lower how much of your PEF loan you had to pay back.  These were known as PEF loan incentives.  Starting March 1, 2018, the loan incentive program will change. 

IF YOU ARE APPLYING FOR A NEW LOAN
Starting March 1, 2018, the PEF loan incentive program will no longer be available for first-time loan participants.

IF YOU STARTED YOUR PEF LOAN BEFORE MARCH 1, 2018
If you already had a PEF loan, you will still be able to earn incentives.  However, there are some changes to the program that are explained below.


What incentives can I receive?

Payment Incentive

Everyone that has started a PEF loan before March 1, 2018 can earn the “Payment Incentive.”  This incentive reduces the amount you borrowed by 20%. You can earn this incentive after you are done with your education program.  If you are already done, all you need to do is make one full monthly payment between now and March 1, 2019.  If you are still in school, then you need to make one full monthly payment in the first year after you finish school.

Program Completion Incentive

You may also be eligible to earn the “Program Completion Incentive.” This incentive reduces the amount you borrowed by 10%.  You earn this incentive by successfully completing or graduating from your education program.  All you need to do is email a copy of your certificate of completion, diploma, degree, or other official documents, with your name and PEF account number to PEFincentives@ldschurch.org.

Employment Incentive

You may also be eligible to earn the “Employment Incentive.”  This incentive reduces the amount you borrowed by 10% if you get a job after you finish your studies. All you need to do is email a copy of your offer letter, pay stub, or other official documents that show you are employed, with your name and PEF account number to PEFincentives@ldschurch.org.

If you are not sure if you are eligible for these incentives, send an email to PEFincentives@ldschurch.org.


Frequently Asked Questions

Question:  What if I have already earned some incentives?
Answer:  The total amount of incentives you can earn is 40%, so any incentives you have already received will be counted against that total. 

Question:  If the amount of incentives I can earn is greater than the remaining balance on my loan, will I receive a refund?
Answer:  No refunds will be given as a result of any of these incentives.


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