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5,539 followers

7mo Edited

For highly educated, highly indebted nonprofit workers, PSLF can be "a light at the end of the tunnel." Check out these highlights from our latest webinar, and join us in thanking Dr. LaTonya Henderson, Carli Coyne Reddy, CSLP, and Michaela (Noé) Rubin for sharing their insights!

Transcript

LF reduces financial stress by enabling employees to find repayment programs commensurate with their income and forgive the remaining loan balance. And as a student loan coach, talking with borrowers all day long, this is something that I can really speak to. I speak with borrowers every day who are just overwhelmed and stressed out by the large amounts of debt hanging over their heads. I will say that having public service loan forgiveness available to them is kind of like having the light at the end of the tunnel. So knowing that after 10 years or 120 payments. The debt is going to be gone. That makes the stress and the overwhelm a lot more manageable. And so I don't think that there's really any question of what a good opportunity it can be. But the problem is that it's very difficult to understand. So borrowers struggle to understand if their loans are eligible, if their employer is a qualifying employer, how many credits they currently have and how many more they need to achieve forgiveness. And they also struggle with just how to get started with the process. Public Service loan forgiveness vastly underutilized. So again what we've really done here is try to remove the barriers to each of those pain points through candidly we have actually quantified that 67% of our PFF submissions have come from first time applicants. The effect of employees who have submitted those PSLF forms has translated to those employees being 45. That less likely to churn it takes on average 83 seconds for an admin to go into their platform review PDF form and approve it and how to get them to the loan servicers or reject it if need be for the employee to resubmit and so saving a ton a ton of time and headache there and I personally have benefited from the support of candidly by getting my loans forgiven and I I personally. I can tell you that candidly, walk me through this process and I'm part of this $2.1 million number in student loan forgiveness. Remember that servicers have really struggled to effectively support borrowers in recent months since the return to repayment. They've been overworked, understaffed, under trained long hold times. It's been impossible for borrowers to get through to their servicers for guidance. The PSLF process or guidance on the PSLF process is no exception. So borrowers really appreciate having us to turn to through this complex process just to ask questions and get some reassurance. My coach was amazing. I I had a candidly coach and who personally coached me through the process of how to repay or get my student loans forgiven. And but they were so amazingly patient and understanding because I too had lots of questions and she answered every single question. Just a great team. So if cedar tree. To drive future adoption of the benefit during our staff meetings, we dedicate a monthly staff meeting. We allow our team members to share out their success stories of getting their loans forgiven. And so we make a really big deal out of this and we do a student loan debt free screen and our staff meetings and our staff, it motivates other staff members to call their candidate coach and really figure out how to do this.

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If you missed our PSLF webinar, please see the highlights below. #PSLF #webinar #loanforgivness

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