Federal student loan updates

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If you have federal student loans, how are you staying up to date with the latest news?

Not only does our Student Loan Solutions program help you stay informed on changes impacting your student loans, but it can also help you:

  • Track and manage your student loan debt in one place
  • Find out if you qualify for loan forgiveness and/or lower monthly payments
  • Conveniently apply for loan forgiveness online with step-by-step instructions
  • Get on a path toward a better financial future

It's complimentary for educators and easy to sign up. Simply complete this form to get started or learn more about the program.

Changes to Income-Driven Repayment and Public Service Loan Forgiveness Program accounts

On April 19, 2022, The U.S. Department of Education (ED) announced several changes that may impact borrowers under income-driven repayment (IDR) plans, which include conducting a one-time revision of IDR payment counters to address past inaccuracies and reforming ED’s IDR tracking procedures going forward.

These changes may also impact borrowers who have applied or will apply for Public Service Loan Forgiveness (PSLF) by increasing their qualifying payment count and allowing them to qualify for loan forgiveness more quickly. If a borrower has 12 or more months of consecutive forbearance or 36 months or more months of cumulative forbearance, those periods of time will now count toward the 120 payments needed for PSLF.

The changes will be applied automatically and are estimated to result in automatic debt cancellation for at least 40,000 borrowers under PSLF and several thousand borrowers under IDR. Get more details here.

Student loan relief extended

ED announced an extension of student loan relief through Aug. 31, 2022.

What this means:

  • Eligible federal student loans (not private loans) will continue to incur 0% interest and will not require monthly payments through Aug. 31, 2022
  • These forgiven payments will continue to count toward the number of payments required for the 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 ED's ability to service student loans, is not renewing its contract for servicing federal student loans.

Get the latest updates here and check out these important actions to take so you're prepared.

If you have questions, contact your Horace Mann representative, reach out to a Student Loan Solutions loan coach or email support@tuition.io.com.

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.

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