Student Loan updates

Big change = big opportunity

Help your employees take advantage of the recent changes to Public Service Loan Forgiveness

What changed:

On Oct. 6, 2021, the U.S. Department of Education announced a change to the Public Service Loan Forgiveness (PSLF) program rules for a limited time. 

From now until Oct. 31, 2022, borrowers may receive credit for past payments made on loans that would otherwise not qualify for PSLF.

What this means:

Any prior student loan payments made while working for a qualifying employer will count as a qualifying PSLF payment, regardless of loan type, repayment plan, or whether the payment was made in full or on time. Private loans and Parent PLUS loans do not qualify.

What next:

The Horace Mann Student Loan Solutions program can provide resources, tools and guidance to help your employees navigate these changes all in one place, and it's available at no cost to educators or school districts. To learn more and find out how you can partner with Horace Mann to bring this program to your employees, schedule a brief appointment today.

Source: https://studentaid.gov/announcements-events/pslf-limited-waiver


Student loan relief extended

The U.S. Department of Education announced an extension of student loan relief through May 1, 2022.

What this means:

  • Eligible federal student loans (not private loans) will continue to incur 0% interest and will not require monthly payments through May 1, 2022
  • These forgiven payments will continue to count toward the number of payments required for the Public Service Loan Forgiveness (PSLF) program
  • Collection on defaulted loans will still be on hold

Here’s why it’s so important to get your loans in order now before the relief period ends.


FedLoan Servicing update

FedLoan Servicing, one of the organizations that supports the U.S. Department of Education's ability to service student loans, is not renewing its contract for servicing federal student loans. It's still being determined who will be servicing federal student loans and running the PSLF program, but here are important actions you can take so you’re prepared.

The information provided here is for general informational purposes only and should not be considered a recommendation. Horace Mann’s Student Loan Solutions program includes services provided by an independent third party, Tuition.io. Horace Mann is an independent company not affiliated with the Department of Education or the federal government. Horace Mann does not negotiate, adjust or settle debts. No assistance provided by Horace Mann constitutes official action for purposes of student loan forgiveness programs or guaranteed results. Horace Mann’s Student Loan Solutions program terms are subject to change.