\\\”Interest transferred to appropriate FEAP pool\\\” was on a cheque I recently received. What is this and what does it mean Thank you
Thank you for your inquiry.
The Group Foundation Education Assistance Payment (FEAP) accounts contain the pooled income from the savings accounts of all agreements that are grouped into the same year of eligibility.
The Group FEAP account is paid out over three years to students who qualify for Group Plan EAPs. Those students who qualify for EAPs participate in the disbursement of the pooled income, whereas those students who do not qualify leave their income to the benefit of the qualifying students.