Supreme Court decision amplifies importance of existing Public Service Loan Forgiveness program for educators
01 July 2023 - 3:00AM
Business Wire
Horace Mann provides complimentary Student Loan
Solutions accounts to help educators receive student loan
forgiveness
When U.S. educators return to their classrooms this fall, they
face resumed student loan payments without the likelihood of
one-time federal student loan debt relief. The added financial
stress is especially acute for educators, who are taking on more
duties due to the national teacher shortage and generally feel less
financially secure than their private sector counterparts.
But educators have another avenue for student loan relief. The
U.S. Public Service Loan Forgiveness program, which allows for
public school educators to have their student loan balance forgiven
after roughly 10 years of service, remains intact.
“Public Service Loan Forgiveness can eliminate far more debt
than a one-time $10,000 or $20,000 impact, but many educators find
the process complicated and time-consuming to navigate,” said
Horace Mann Vice President Tom Kammerer. “That’s where Horace Mann
can help. Since its inception in 2016, our Student Loan Solutions
program has helped educators identify more than $600 million in
student loan forgiveness opportunities.”
On Friday, the Supreme Court blocked the Biden administration’s
student loan forgiveness initiative, which would have provided
$10,000 in student loan debt forgiveness to many federal borrowers
and $20,000 to Federal Pell Grant recipients. In addition, federal
student loan interest will begin to accrue on Sept. 1, with
payments resuming Oct. 1.
Educators generally have higher educational requirements and
lower salaries than workers in the private sector. In a 2020 Horace
Mann study, 88% of educators said they would be more likely to stay
in the education profession if their student loan debt was
forgiven.
“Educators are delaying major life events like getting married,
starting a family or buying a house due to student loan debt, and
it’s causing more and more educators to consider changing careers,”
Kammerer said. “By helping alleviate educators’ student loan debt
through existing programs, we can keep more educators in the
classroom focused on the job they love.”
Horace Mann's Student Loan Solutions program is complimentary
and pairs public school educators with trusted resources to help
them navigate student loan forgiveness. Public educators can sign
up for a free account at horacemann.com/student-loan-debt-help.
Administrators interested in providing Student Loan Solutions as a
no-cost district-wide benefit offering can get more information at
horacemann.com/student-loan-debt-help/schools.
For more information on Horace Mann’s research on educators’
financial wellness and its impact on staffing levels, visit
horacemann.com/balance.
About Horace Mann Horace Mann Educators Corporation is
the largest financial services company focused on helping America’s
educators and others who serve the community achieve lifelong
financial success. The company offers individual and group
insurance and financial solutions tailored to the needs of the
educator community. Founded by Educators for Educators® in 1945,
the company is headquartered in Springfield, Illinois. For more
information, visit horacemann.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230630112997/en/
Media contact: Michelle Eccles Public Relations Manager
217.788.5394 michelle.eccles@horacemann.com
Investor contact: Heather J. Wietzel Vice President,
Investor Relations and Enterprise Communications 217.788.5144
investorrelations@horacemann.com
Horace Mann Educators (NYSE:HMN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Horace Mann Educators (NYSE:HMN)
Historical Stock Chart
From Jul 2023 to Jul 2024