Horace Mann Encourages Educators to Pursue Federal Public Service Loan Forgiveness Before 2022 Deadline
17 December 2021 - 1:00AM
Business Wire
US Department of Education’s October 2021
action spurring more educators to seek assistance
The expansion of the US Department of Education’s Public Service
Loan Forgiveness (PSLF) program is already having a big impact on
many educators, but the rest have to act in order to benefit. On
the heels of the Limited Waiver Opportunity announcement two months
ago, Horace Mann Educators Corporation (NYSE:HMN) has seen demand
for its Student Loan Solutions program triple. The program is
complimentary and helps public school educators navigate PSLF
toward successful financial outcomes. Educators who have applied
for PSLF are seeing results.
“After being told [by the Department of Education] that my loan
payments didn’t count toward forgiveness because they were with the
wrong loan provider, I felt defeated. But my Horace Mann agent Gary
Havir told me to keep moving forward and not to lose hope. With the
changes to the PSLF program, I received a letter saying I have
reached my qualified 120 loan payments and I’ve had $87,000 in debt
forgiven,” said Molly Constance-Devich, a sixth grade math teacher
at Capitol Hill Gifted and Talented Magnet in Saint Paul,
Minnesota. “It’s a huge weight lifted, a noticeable release of
tension.”
Managing the burden of student loan debt remains one of
educators’ major financial concerns, with 60% having outstanding
student loans.1 An overwhelming majority - 88% -- said having their
student loans forgiven would make them more likely to stay in
education. Seventy percent said a lower monthly payment also would
make them more likely to stay, according to a 2020 Horace Mann
survey.
“We’ve seen it thousands of times. It’s life-changing. Educators
can see their loan debt forgiven and their monthly payments
lowered. The Limited Waiver Opportunity makes the process faster
and even more generous. But educators must act. It’s not
automatic,” said Tom Kammerer, Vice President for Horace Mann’s
Student Loan Solutions program. “For the past five years, we have
helped guide more than 13,000 educators through the qualifications
for loan forgiveness. From that group, over 90% are on the path to
an average of $52,000 in total loan forgiveness. And 50% are
finding out how they can lower their monthly payment as well,
saving an average of $280 per month.”
Announced in October, the Limited PSLF Waiver Opportunity
expires October 31, 2022. It allows borrowers to receive credit for
past loan payments that would otherwise not have qualified for
PSLF. PSLF started in 2007 and forgives the remaining balance on
Direct Loans after 120 qualifying monthly payments from an employee
who works full-time for a qualifying employer and has a qualified
repayment plan.
“After several attempts at PSLF before, I tried again through
Horace Mann’s Student Loan Solutions program shortly after the
waiver was announced. They walked me through the process and helped
make sure I had everything filled out correctly,” said Erin Terry,
a special education teacher at East Greenwich High School in East
Greenwich, Rhode Island. “I have already received notification that
I owe nothing on my loans. Not only did I have enough qualifying
payments but I am getting refunds for payments I had already made.
I’ve saved close to $20,000.”
“We urge educators with federal student loan debt to take action
now to apply for forgiveness, and to make sure they get credit for
the loan payments they’ve already made,” added Kammerer. “Educators
have been under enormous stress during this pandemic, and by
helping them unlock these financial benefits, we show our
appreciation for what they do every day.”
Horace Mann's Student Loan Solutions program is a complimentary,
easy-to-use suite of resources to help educators manage student
loan debt and get guidance on the federal student loan forgiveness
program. Account holders can track their student loans in one place
through direct links to loan servicers. They also receive
assistance with the process of qualifying for loan forgiveness
opportunities. Find more on the Student Loan Solutions program at
horacemann.com/student-loan-debt-help.
(1) The Student Loan Debt Effect: Good Teachers are Leaving
Education, Insights from the Horace Mann Educators 2020 Student
Loan Debt Study
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
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version on businesswire.com: https://www.businesswire.com/news/home/20211216005633/en/
Michelle Eccles, Public Relations Manager 217-788-5394,
michelle.eccles@horacemann.com
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