Horace Mann Puts Teachers on Track to Reach $100 Million in Public Service Loan Forgiveness
March 02 2021 - 12:01AM
Business Wire
Horace Mann extends complimentary access to its
Student Loan Solutions platform for educators
Horace Mann Educators Corporation (NYSE:HMN) announced today
that its Student Loan Solutions (SLS) program identified more than
$100 million in Public Service Loan Forgiveness (PSLF)
opportunities for educators in 2020, bringing the program’s
lifetime total to more than $350 million.1
The Horace Mann SLS program provides webinar education, online
resources and expert loan coaches to help all public school
educators get the loan forgiveness they deserve under PSLF and
Teacher Loan Forgiveness. PSLF forgives the remaining balance on
Direct Loans after 120 monthly payments under a qualifying
repayment plan. Since launching its Teacher Appreciation initiative
in the fall, Horace Mann has offered all public school educators
and school districts nationwide complimentary access to the SLS
program — and is now extending that access through the 2021-2022
school year.
- Of the educators taking advantage of the SLS program, over
85% find they can be better off, either qualifying for loan
forgiveness or obtaining lower monthly payments, and for a majority
of people, both
- On average educators using the program save $330 per month,
equivalent to more than $4,000 per year in student loan payment
savings
- Of those that could qualify for PSLF the estimated student
loan forgiveness is $75,000+ on average
“Horace Mann is on a mission to reduce the burden of student
loan debt for educators. Since announcing our Teacher Appreciation
initiative, school districts in more than 21 states have adopted
our SLS program as a benefit for their employees, creating a
meaningful opportunity for over 86,000 public school employees to
have all or some of their student loan debt forgiven,” said Erin
Clark, Vice President of Horace Mann's Student Loan Solutions
program. “Some of the largest school districts in the country
recognize the value of the Horace Mann Student Loan Solutions
program. They know it helps to keep their current employees in the
education profession, and also attracts new talent.”
A June 2020 Horace Mann survey showed more than 60% of educators
have student loan debt, and that debt weighs heavily on their
decision to stay in the profession. For a career that generally
requires a college degree or greater, educator job compensation is
often not commensurate with the investment it took to get there.
Notably, 85% of educators said student loan debt has prevented them
from achieving life goals, such as saving, buying a house or
starting a family. Others have taken on additional jobs to support
their families. Addressing student loan debt can help.2
“It is important to pursue PSLF now, even during the CARES Act
student loan forbearance,” added Clark. “Educators who are in the
right repayment plan now receive credit toward their qualifying
loan payments, even if their payment is $0. But most educators are
in the wrong payment plan today, and are missing this valuable
opportunity to move closer to forgiveness.”
The SLS program is complimentary to both the school district and
employees in appreciation of everything our schools and teachers
are doing during the pandemic. School districts interested in
learning more about the SLS program for employees and new hires can
request information at
horacemann.com/student-loan-debt-help/schools. Educators can sign
up directly at
horacemann.com/student-loan-debt-help/signup/teacher-appreciation.
(1) Potential savings of educators assisted by Horace Mann with
Public Service Loan Forgiveness from October 2016 through 2020
based on assumptions established by the U.S. Office of Federal
Student Aid. Monthly and annual savings are based on 2020 only.
(2) The Student Loan Debt Effect: Good Teachers are Leaving
Education, Insights from the Horace Mann Educators 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 @HoraceMann on Twitter and LinkedIn,
and @HoraceMannInsurance on Facebook.
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version on businesswire.com: https://www.businesswire.com/news/home/20210301006068/en/
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
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