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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. - PowerPoint PPT Presentation
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SECRETARIAT
Educational Indebtedness Assistance
GC WP N 25 05; N 25 15; N 25 30; N 45 05
SECRETARIAT
Types of Assistance
• General Educational Indebtedness• Reimbursement of Doctoral Degree
Expenses• Advanced Degree Indebtedness for
Nurses• Existing Service Indebtedness
SECRETARIAT
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
SECRETARIAT
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
SECRETARIAT
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.
SECRETARIAT
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
SECRETARIAT
Securing the Benefit2. NAD-basedHappens as part of financial clearance process.
SECRETARIAT
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
SECRETARIAT
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
SECRETARIAT
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
SECRETARIAT
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)
SECRETARIAT
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.
SECRETARIAT
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
SECRETARIAT
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
SECRETARIAT
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.
SECRETARIAT
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
SECRETARIAT
Securing the Benefit2. NAD-basedHappens as part of financial clearance process.
SECRETARIAT
Distributing the benefit• Monthly payments sent directly to
loan company.• Payments start after confirmation of
arrival infield• Interest payments require monthly
statement
SECRETARIAT
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.
SECRETARIAT
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
SECRETARIAT
Securing the Benefit2. NAD-basedHappens as part of financial clearance process.
3. Requires prior agreement from calling division and GC.
SECRETARIAT
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.