Horace Mann Offers Student Loan Seminars to NSEA Members

Educators have a student loan debt problem that is affecting finances, happiness, and in some cases, their careers.

Student loan debt hardship is also causing new college grads to delay life milestones like getting married, buying a house or saving for retirement, says Bankrate.com.

Seventy-one percent of teachers agree that student loan debt is a motivation for young teachers deciding between staying in the profession or switching to a career that pays better, according to a survey by Horace Mann, an insurance and financial services provider for teachers.

Federal programs can help educators reduce their monthly student loan payments or have portions of those loans forgiven. Many educators aren’t aware of or think they don’t qualify for these programs.

As part of its commitment to helping educators plan for financial success, Horace Mann, an NSEA recommended provider, offers free workshops to explain the different programs and eligibility requirements.

These programs include Teacher Loan Forgiveness, a program for teachers who spend five years working in a low-income school and are eligible to have up to $17,500 of their Stafford/Ford federal loans forgiven.

The Public Service Loan Forgiveness plan forgives the remaining balance on Direct Loans after you have made 120 monthly payments under a qualifying plan, while working full-time for a qualifying employer.

In addition, educators can change repayment plans to one based on income, with monthly payments decreased.

To set a workshop in your local, call Horace Mann Companies regional vice president Cindy Dornbush at 402-680-9382.