We are to act and not be acted upon. D&C 104: 17 - For the - - PowerPoint PPT Presentation
2014 PEF DIRECTIONS Self-reliance is self-help, not entitlement. We are to act and not be acted upon. D&C 104: 17 - For the earth is full, and there is enough and to spare; yea, I prepared all things, and have given unto the children of
D&C 104: 17 - “ For the earth is full, and there is enough and to spare; yea, I prepared all things, and have given unto the children of men to be agents unto themselves.”
The 2014 PEF Loan Program was designed to help PEF participants pay off their loans faster and avoid long-term debt. For this reason, the terms of the 2014 PEF Loan are shorter: either 3 or 4 years, depending on the amount of the
the total cost of the PEF loan. Course durations, loanable amount, priesthood endorsement, mentor requirements are a few of the differences.
The only existing PEF participants who are affected by the New PEF Program are those who will renew their loans. If an existing participant renews his PEF loan, he will be automatically converted to the New PEF Program at the time of loan renewal.
The focus of PEF Loans are courses that will lead to jobs. The education course durations are classified as:
It depends on the length of the course (program) and the amount of the current loan. In the Philippines, if the participant is pursuing a Short-Term course, the monthly In-School Payment is still P100.00. If the participant is pursuing a Long-Term course, the monthly In-School Payment is P250.00. For all participants, the After-School Payments will also be adjusted to reflect a planned pay-off of 3 or 4 years.
PEF participants will be available to renewing participants when they renew the loan.
The renewing PEF participant selects a PEF Loan Mentor. Be interviewed and endorsed by a member of the ward bishopric or branch presidency. Complete the online loan application on www.pef.lds.org.
If a loan renewal is not needed (the participant is in his last year of studies, has graduated, or withdrawn from school), then the new PEF Program does not affect the participant.
The Preferred List is a compilation of jobs, courses (programs), and schools in the local area that are profiled by Self-Reliance Center Managers as providing quality education and job opportunities. This list is compiled according to Mission and is available at Model Self- Reliance Centers. Under the New PEF Program, a PEF loan will only be approved if an applicant is enrolled at a preferred school, in a preferred course (program) that leads to a preferred job.
loan under the terms of the New PEF Program, the current choice of school and course do not need to be on the Preferred List. However, if the renewing PEF participant changes either the course or school at the time of renewal, he will have to select a job, course, and school from the Preferred List.
After Loan Renewal (Performance Indicators) Performance Incentives At the end of the school year (in time for loan renewal), the renewing participant has no failed subjects, incomplete subjects and has a weighted average of 2.50 (or 83 or C+). 5% will be credited against the annual loan disbursement (the loan disbursed for the school year being evaluated) Graduated from the educational program (beginning 2014 onwards) 10% will be credited against the total loan disbursement
After Loan Renewal (Performance Indicators) Performance Incentives
Achieves future work goal and expected monthly income based
2014 onwards) 10% will be credited against the total loan disbursement Makes In-School or After-School Payments on-time. On-time payment match will only be applied to those participants with a Loan Mentor. 25% matching credit of the amount of the on-time In-School
Pays off total loan balance early 10% will be deducted from the remaining loan balance
A Loan Mentor is a responsible adult who provides counsel and guidance to the participant to assist in achieving education and career goals. The Loan Mentor is not a loan co-signer or guarantor, and has no financial obligation associated with the PEF loan. Having a Loan Mentor is a requirement for all loan
without a Loan Mentor.
Participants enrolled in Mentor-Match will receive a 25% match for each on-time In-School or After-School Payment made. Example: Over time, the Mentor-Match can greatly reduce the cost of the loan.
Participant Payment (Made On-Time) Mentor-Match Incentive (25%) Total Payment Made To Loan Balance P100.00 P25.00 P125.00
25% Mentor-Match Payment for each on-time payment upon obtaining a Loan Mentor. As long as the participant is current with his PEF loan repayments and has selected a Loan Mentor, he can enroll in Mentor-Match anytime online at www.pef.lds.org.
The applicant selects a Loan Mentor from among his associates, priesthood leaders (but not the bishop or branch president), previous PEF participants. The selected Loan Mentor must be approved by the ward bishopric or branch presidency. Loan Mentor personal contact information must be included as part of the PEF loan application.
confirms on-line that he understands that he is not financially responsible for the PEF participant’s loan. The mentor agrees to be contacted regarding the participant’s progress. Also, the mentor will offer encouragement and counsel as the participant encounters educational, work, or repayment challenges. IMPORTANT: The mentor agreement is done on-line. The Loan Mentor has to have a phone number and LDS Account (www.ldsaccount.lds.org).
Listed below are the requirements:
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the condition that their chosen course will be completed within two years (as per Area Presidency Letter, PEF 2013 Directions Exception
Guidelines, May 16, 2013).
requires an Age Exception approval.
The application process starts with the Planning For Success Workshop. The workshop helps determine the necessity of applying for a PEF loan. Completion of the four session Planning For Success (PFS) Workshop is a prerequisite for applying for a Perpetual Education Fund loan. Stakes and districts must call teachers to conduct the PFS
Area Operations Team will provide the training for those called.
a PEF loan, the applicant must secure a PEF Priesthood Leader Interview and Endorsement form. The form must be signed by any member of the ward bishopric or branch presidency. For every loan renewal, a PEF Priesthood Leader Interview & Endorsement is required.
The focus for PEF Loan is courses that will lead to a job. The education course durations are classified as:
Immediately after loan approval, the PEF participant starts making In-School Payments of P100.00 per month for Short-Term courses, and P250.00 per month for Long-Term courses. Six (6) months after graduation is confirmed (or school withdrawal) the monthly repayments will be adjusted to After –School Payments to reflect the planned pay-off of 3 or 4 years.
We remind applicants that the amount received is an interest incurring loan and as with all loans, it will need to be
repayment and the shorter the repayment time will be.
thousand pesos (Php50,000.00) per school year.
counterpart of the educational cost. However, actual disbursement will be based on official school
assessment.
job.
Compliance with the 3-tier satisfactory progress requirements will remain a major consideration for loan renewal, as follows:
status of a participant must be consistently “current” for at least 6 months prior to loan renewal. A participant whose loan status is only made current in time for loan renewal or check disbursement will be required to explain the circumstances in order to be considered for loan renewal.
Compliance with the 3-tier satisfactory progress requirements will remain a major consideration for loan renewal, as follows:
school grades of the previous school year are
failed subject must be reviewed pursuant to loan renewal
explained, the explanation must be approved by the Area PEF Committee before loan renewal can be granted.
Compliance with the 3-tier satisfactory progress requirements will remain a major consideration for loan renewal, as follows:
up to 30 years of age.
Endorsement, the applicant will present verification from the Institute that he has satisfactorily fulfilled the Institute Attendance requirement.
Yes, there is a roadmap to guide all applicants through the PEF application process.
For additional details, please email, text or call either your SRC Manager or the PEF Area Operations Team at:
(02) 635-9127 to 28 / 0917-8136357 / 0920-9826211 / 0917-5612507 AdvinculaFD@ldschurch.org / EsquejoJT@ldschurch.org