Educators making plans to put student loan payments back in their budgets
- None.
- Resuming federal student loan payments may negatively affect educators' finances
Student Loan Solutions accounts can help educators receive Public Service Loan Forgiveness for balance of student loan debt
After the three-year
About half (
Educators plan to adjust their budgets to accommodate the additional expense by:
-
Cutting back on non-essentials like hobbies, restaurants and vacations (
76% ); -
Saving less, or using savings to meet expenses (
62% ); -
Considering working a second job (
51% ); and -
Cutting back on essentials, such as food or clothing, or finding lower-cost alternatives (
48% ).
“Educators are critical to the success of our communities, and their financial stress is apparent in the measures they are considering come October,” said Horace Mann Vice President Tom Kammerer. “Educators shouldn’t have to get a second job or cut back on essentials just to continue their important work for our communities.”
Loan forgiveness still an opportunity for educators
There is an avenue for
“The good news for educators is that they are eligible for qualifying monthly payments during the federal pause, which means they are over three years closer for forgiveness,” Kammerer said. “Through Horace Mann’s Student Loan Solutions program, all K-12 educators can get free online help on how to navigate the student loan forgiveness process, including certifying employment with eligible employers.”
Educators can sign up 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.
The Horace Mann Educator Advisory Panel data is from a nationally representative survey of 441 U.S. educators, including public school K-12 teachers, administrators and support personnel. It was fielded in July following the Supreme Court decision. Full results are available at horacemann.com/repayments.
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
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Media:
Michelle Eccles
Public Relations Manager
217.788.5394
michelle.eccles@horacemann.com
Investors:
Heather J. Wietzel
Vice President, Investor Relations and Enterprise Communications
217.788.5144
investorrelations@horacemann.com
Source: Horace Mann Educators Corporation