Horace Mann Expands Student Loan Solutions for Educators with New Platform
15 July 2020 - 11:00PM
Business Wire
Partners with market leader Tuition.io to
improve educators' ability to manage and reduce student loan
indebtedness
Horace Mann Educators Corporation (NYSE: HMN) has partnered with
Tuition.io to add valuable new student loan management resources,
including additional support with loan forgiveness programs, to its
suite of educator-focused insurance and financial solutions.
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Horace Mann survey shows educators more
likely to stay in education if student loans are forgiven or
payments lowered. (Graphic: Business Wire)
The average student loan debt is nearly $33,000,1 which means
educators face overwhelming debt as they begin their career. All
K-12 public school employees with federal student loans are
eligible to seek forgiveness under the Public Service Loan
Forgiveness program, but sadly, out of 6.4 million public school
educators, less than two percent of borrowers have applied.2 In
addition, the forgiveness process is virtually impossible to
navigate successfully without expert assistance.
Horace Mann and Tuition.io have partnered to demystify the
process and help educators establish their loan forgiveness
eligibility. A recent Horace Mann survey shows more than 60% of
educators have student loan debt, and that debt weighs heavily on
their decision to stay in the profession.3
- 34% of educators are considering leaving the profession due to
financial stresses
- 88% of educators with student loan debt would be more likely to
stay in the profession if they could get their loans forgiven
- 70% would be more likely to stay in the profession longer if
they could get a lower payment on their student loans
As the teacher shortage continues to grow, in part due to budget
cuts constraining wages, keeping talented and committed teachers in
the profession is of the utmost importance. By removing the burden
of student loan debt, educators are able to reduce that stress and
invest in their future. Horace Mann's new Student Loan Solutions
accounts, powered by Tuition.io, are another way Horace Mann can
offer an immediate and meaningful benefit to the educators it
proudly serves.
“Educators should pursue an understanding of their loan
forgiveness opportunities early. With the right tools and support,
they can optimize their existing loans for Public Service Loan
Forgiveness,” said Erin Clark, Vice President of Brand and Horace
Mann's Student Loan Solutions program. “Four out of five rejections
for forgiveness were preventable with awareness and planning.
Today, educators using Horace Mann's complimentary first-generation
Student Loan Solutions program collectively are on the path to more
than $250 million in loan forgiveness opportunities. That program
successfully created awareness about the unique strategies
available to public school employees to reduce the burden of
student loan debt."
"This new partnership with Tuition.io expands and deepens our
ongoing support to help educators successfully reduce their student
loan debt burden. In July, we are beginning a nationwide rollout of
these complimentary accounts for educator customers, supporting our
mission to help educators protect what they have today and prepare
for a successful tomorrow," added Clark.
"Tuition.io is proud to be the student loan debt management
platform for educators served by Horace Mann," said Scott Thompson,
CEO of Tuition.io. "Tuition.io was founded to reduce the burden of
student loans. With Horace Mann's extensive portfolio of solutions,
and impeccable reputation, we're excited for the opportunity to
help bring this important solution to educators across the
U.S."
Powered by the Tuition.io platform, the new Horace Mann portal
is an easy-to-use suite of resources to manage student loan debt
and get guidance on federal loan forgiveness programs available to
educators. Account holders can track their student loans, both
federal and privately held, in one place through direct links to
loan servicers. The platform works with every U.S. loan servicer to
generate automatic real time updates. Most importantly, the portal
assists educators through the process of qualifying for loan
forgiveness opportunities by taking into account an educator's
specific financial circumstances and adapting their results based
on the latest legislation (e.g., the CARES Act). The Horace Mann
methodology has been proven to increase the success rate of loan
forgiveness applications.
(1) Federal Reserve: May 2017 (2) US Department of Education
PSLF: June 2019, Report accessed 12/5/19 (3) The Student Loan Debt
Effect: Good Teachers are Leaving Education, Insights from the
Horace Mann Educators Student Loan Debt Study
About Tuition.io
Tuition.io is the nation's leading employee benefit platform
empowering employers to better attract, retain and engage their
next generation of talent who are saddled with stifling student
debt, by helping their employees reduce and better manage their
student loan burden. Tuition.io works with companies of all sizes,
from Fortune 500 companies such as Live Nation, Staples and Estée
Lauder Companies, to healthcare companies including Children's
Hospital & Medical Center of Omaha and Mosaic Life Care, as
well as public entities such as the City of Memphis. Tuition.io is
on a mission to provide an impactful solution for employers and
employees across the country. For more information, visit
www.tuition.io or follow the company at @Tuitionio.
About Horace Mann
Horace Mann Educators Corporation (NYSE: HMN) is the largest
financial services company focused on providing America’s educators
and school employees with insurance and retirement solutions.
Founded by Educators for Educators® in 1945, the company is
headquartered in Springfield, Illinois. For more information, visit
horacemann.com, or follow us @Horace Mann on Twitter and LinkedIn,
and @HoraceMannInsurance on Facebook.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200715005492/en/
At Horace Mann:
Media contact: Michelle Eccles Public Relations Manager
217-788-5394 michelle.eccles@horacemann.com
Investor contact: Heather J. Wietzel Vice President,
Investor Relations 217-788-5144
investorrelations@horacemann.com
At Tuition.io
Media contact: Kendra Gauntlett Director, Partner Success
941-586-9455 kgauntlett@tuition.io
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