The Hawaii State Teachers Association Board of Directors approved revisions to its Teacher Emergency Loan Program that increased by 50 percent the amount of money members can borrow from the union and give them twice as much time to pay it back.
The program previously offered a $1,000 limit for the interest-free, short-term loans to members needing emergency financial assistance. On Sept. 15, the board approved increasing the maximum loan amount to $1,500. Members must explain their situation in detail as part of a request for the loan and show that they are in an emergency situation. The loan program is not meant to help someone out who’s just a little short of cash one month.
The board also increased the amount of time members have to pay back the union for their loans. Previously, a member who borrowed $1,000 had $250 automatically deducted from their pay for the next four paychecks, over a two-month period. With the change approved by the board Dec. 8, members can pay back the loan in four payments deducted from one paycheck a month for up to four months.
The board also changed the policy to allow three emergency loans during a member’s lifetime, up from the previous lifetime limit of two, but not more than one loan per fiscal year.
To request an emergency loan, members can contact their UniServ Director or call HSTA’s main office at (808) 833-2711.
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