Tens of thousands of students are receiving temporary financial relief as The Church of Jesus Christ of Latter-day Saints has announced the continued deferral of Perpetual Education Fund (PEF) loan and interest payments until November 2020 amid the COVID-19 crisis.
The July 23 announcement affects 98,000 students in 75 countries who benefit from PEF, a financial resource that helps Latter-day Saints of all ages obtain education and skills that enable self-reliance, according to Newsroom. Church members and friends of the Church fund the program, and a student pays back the loan after he or she graduates.
Loan payments and interest charges have been deferred since May 1, 2020.
Jessica Pacete, who received her bachelor’s degree in mining engineering from Saint Paul University Suriago in the Philippines, is grateful to have another six months to pay off the loan.
“We are struggling to get enough money for our current necessities, like bills, food and mortgage,” she said. “Indeed, I am so thankful and grateful for the COVID-19 deferment for six months. It is a great help for me to not think so much of my monthly commitment until November 2020.”
Said PEF program manager Trent Jacobson: “This temporary PEF change will keep participants safe and help weather the economic storms upon many of us throughout the world.”
PEF also announced three additional temporary adjustments: a late-payment period extension of 90 days, additional options for financial disbursement requests and more ways to obtain leader endorsements.
To learn about these additional adjustments, visit the Church’s Newsroom.