This page contains a list of the timelines, policies, and standards for the IEA-NEA strike loan program.
What are the timelines, procedures, and standards related to the IEA-NEA interest-free strike loan program?
- You must be an enrolled IEA-NEA member at the time of the loan request and remain a member until the loan is repaid [usually a period of six month repayment.]
- The local must be on strike at least ten (10) work days and have the likelihood of a missed check (or a check with reduced pay) before an interest-free loan can be provided under this program. The paperwork for the loan is usually processed in such a way that the loan disbursement check would be available at the end of each ten (10) work day period as needed for the duration of the strike.
- A loan may not be for more than the “net pay,” i.e., your gross pay minus payroll taxes. So for faculty and grad assistants with monthly paychecks the rule of thumb is ½ of the monthly net pay and for civil service employees it is the bi-weekly net pay.
- If the duration of the strike creates a need to make COBRA payments, the COBRA payment amount may be added to a loan request in addition to the net pay standard above.
- Individuals must sign the IEA-NEA loan agreement document as well as any loan documents that may be required by the lending institution.
- A copy of your latest pay stub is needed to substantiate the amount of the loan.
- More detailed information about specific timelines and paperwork related to loans will be provided by your local Strike Loan Committee if and when a strike action takes place. This may include information required by the lending institution, if needed.
- Only borrow what you absolutely need.