Apprentice Tuition Savings Account
Salt Lake Community College | Utah Career Center
Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the US Government.
Apprentice Tuition Savings Accounts
Set up and designed specifically for our Utah Career Center members
Our Apprentice Tuition Savings Accounts are the perfect choice for those hoping to save and accumulate funds for their apprentice tuition and books through the Salt Lake Community College (SLCC) and Utah Career Center (UCC), without incurring unnecessary service fees and late payments.
How does an Apprentice Tuition Savings Account work?
Apprentice Tuition Savings Accounts are simple and easy, and a terrific way to save the money one needs for educational expenses without going into debt. Here’s how they work:
- Account Participation - Apprentice opens an Apprentice Tuition Savings Account with P&S Credit Union. A primary membership Share Account must already have been established with a minimum balance required deposit of $25. (If you're a member of P&S Credit Union, this has already been completed.)
- Accumulation of Funds – Account holders must designate the amount to be deposited through our free payroll deduction and direct deposit service. It is recommended by the Utah Career Center to aim for approximately $1600 per year, between both semesters, for both tuition and books -- this calculates to about $35 per week.
- Tuition Payments – P&S Credit Union will make tuition payments on behalf of the participant according to the SLCC/UCC designated schedule. Notification of payment to SLCC will be made to UCC on account holder’s behalf.
- Book Payments – With written authorization, account holders will automatically be enrolled in the book payment portion of this program. This service authorizes UCC on the participant's behalf to solicit payment for any required books of each semester. Book payments are due to UCC, the first day of class. By enrolling in this portion of the program, account holders are allowing P&S Credit Union to make on-time payments on their behalf eliminating added stress and headache.
- Insufficient Funds - P&S Credit Union will not make tuition or book payments for accounts that do not have enough funds to support a full payment. In this case, participants will be notified well in advance of due dates so they can make any necessary arrangements. Participants may bring in extra funds for a complete payment or choose to not participate for the current semester. However, please note that funds directly deposited will continue to accumulate on behalf of the participant until adequate funds are available to make payments in full for the following semester.
- Interest Rate - The Apprentice Tuition Savings Account offers a generous 2.5% APY (annual percentage yield) on balances up to $2,500, with balances over that amount earning our regular savings rate.
- Additional Deposits & Withdrawals - Account holders may make additional deposits into the account, if desired, in our branch, through online banking, mobile banking or by contacting us at (801) 973-0575. Account holders may not transfer, or withdraw funds, electronically on their own. Please visit us at our branch or contact us by phone at (801) 973-0575 for assistance. Since the account is designated for educational purposes only, withdrawals for non-educational expenses will incur a $10 penalty per instance.
- Account Closure - Account closure may be made upon full completion of the UCC Apprenticeship program. No penalty fees will be incurred when participants provide proof of program completion from UCC. Any remaining funds may be withdrawn from the account or be transferred to the desired account of the participant. If participants choose to close the account prior to program completion, a $10 penalty for a non-educational withdrawal may be incurred.