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Products July 17, 2020
Horace Mann Offers Student Loan Solutions for Educators
Among other things, K–12 school employees will be guided through the process of applying for the Public Service Loan Forgiveness program.
Reported by PLANSPONSOR Staff
Horace Mann Educators Corp. has partnered with Tuition.io to offer new student loan management resources, including additional support with loan forgiveness programs, to its suite of educator-focused insurance and financial solutions.
Horace Mann notes in its announcement that any K–12 public school employee with a federal student loan may seek forgiveness under the Public Service Loan Forgiveness program, but out of 6.4 million public school educators, less than 2% of borrowers have applied. The company says data shows the forgiveness process is difficult to navigate successfully without expert assistance.
Horace Mann and Tuition.io have partnered, therefore, “to demystify the process,” and help educators establish their loan forgiveness eligibility.
The announcement describes the Student Loan Solutions program, which Tuition.io powers, as “an easy-to-use suite of resources to manage student loan debt and get guidance on federal loan forgiveness programs available to educators.” Through it, account holders can track their student loans, both federal and privately held, in one place through direct links to loan servicers. The platform works with every U.S. loan servicer to generate automatic real-time updates. The portal assists educators through the process of qualifying for loan forgiveness opportunities by taking into account the educator’s specific financial circumstances and adapting the person’s results based on the latest legislation.
Horace Mann says in the announcement that its methodology has been proven to increase the success rate of loan forgiveness applications.
“This new partnership with Tuition.io expands and deepens our ongoing support to help educators successfully reduce their student loan debt burden,” says Erin Clark, vice president of brand and Horace Mann’s Student Loan Solutions program. “In July, we are beginning a nationwide rollout of these complimentary accounts for educator customers, supporting our mission to help educators protect what they have today and prepare for a successful tomorrow.”