January 13, 2019News
UTLA MEMBER STRIKE LETTER
This is the official strike letter for UTLA members to present to creditors or financial institutions while on strike.
CALIFORNIA CREDIT UNION PAYROLL DISRUPTION RELIEF
From time-to-time employees may be impacted when budget or other workplace negotiations cause a payroll disruption. Although these disruptions are often short in duration, many employees turn to their credit union for assistance. Click on image below to enlarge or download PDF.
FIRST FINANCIAL CREDIT UNION
UTLA-SPonsored partner First Financial Credit Union provides support to members affected by strikes. Financial assistance includes
- Special fixed-rate loans
- Loan payment deferrals
- increasing Platinum Visa credit limits
- Waiving early withdrawal fees on Share Certificates (CDs).
For more information, please contact Therese El Khoury, Community Relations Director, at 800.537.8491, Ext, 3123, or 626.315.7716 (cell). She can also be reached at firstname.lastname@example.org.
ON STRIKE? GOT STUDENT LOANS?
Meanwhile, here’s what you need to know:
If you have federal student loan debt and are in a period of low or no pay — whether because you are on strike or for any other reason — you should know that income-driven repayment plans are an option for your student loans.
Income Driven Plans
IDR plans are repayment plans where your monthly payment is based on your adjusted gross income and family size, rather than how much you owe.
When your income is low or zero, your payments through these plans can be as low as $0 a month, and you will continue making progress toward Public Service Loan Forgiveness (PSLF) and other loan forgiveness even while making $0 payments.
Income-driven repayment with a $0 payment is a much better option for borrowers than deferment or forbearance, which don’t make progress towards PSLF or any other kind of forgiveness.
Recertify because your income has decreased
If you’re already in an IDR plan, you can recertify your income on the basis of an income decrease at any time, and your federal student loan payments will continue to be based on the income you certify for a year thereafter.
If you’re ready to apply for an IDR plan or to recertify your lower income, here’s what you need to do:
2. Print it and fill it out.
3. In section 4 [either A or B, based on your marital status], at the question "Has your income significantly changed since you filed your last federal income tax return?,” answer “yes,” then complete the remaining items as prescribed.
4. In Section 5, “Instructions for Documenting Income,” you will want to attach a letter with your name, address, and signature, attesting that your income has decreased to [amount] because you are on strike. (If you are married and filing jointly, you also need to provide your spouse’s most recent paycheck stub to account for your total household AGI.)
5. With all of that done, mail the form and your attached letter to your loan servicer.
AFT is committed to helping all of our members manage their federal student loan debt. If you encounter problems interacting with your servicer to enroll in IDR or recertify your income as above, please contact email@example.com.