It’s an unfortunate truth for many administrators: schools are losing qualified educators. It’s not that teachers don’t love teaching. Rather, many teachers can’t afford to stay in the profession. More than 60% of educators have student loan debt, which contributes heavily to their financial stress.
Helping your staff address their student loan debt could have a significant impact on retaining good teachers. In fact, according to a June 2020 study, 88% of teachers report they would be more likely to stay in the profession if they could get student loan forgiveness. And 70% would stay if they could get a lower payment on their student loans.
Retain talented educators with a complimentary student loan debt reduction program for schools.
The vast majority of educators surveyed (77%) haven’t been informed about student loan forgiveness opportunities by their loan servicers. However, 82% say they want help to see if they qualify for forgiveness, and 79% say they want help applying for forgiveness.
Horace Mann, a company founded in 1945 by two teachers who saw a need for quality, affordable insurance among their colleagues, is on a mission to help every educator in America reduce their student loan debt.
Horace Mann Student Loan Solutions is a free, turn-key program that any public school can adopt to attract, support, and retain talented employees who may be struggling with student loan debt.
Your school can offer this benefit to all employees, including teachers, administrators, and other school staff. And your district doesn’t even need to offer an insurance policy with Horace Mann to take advantage of this opportunity!
What tools and services does the Student Loan Solutions program provide?
Horace Mann isn’t a loan servicing company, and it doesn’t charge your district or educators any fees. (Unfortunately, we’ve all heard horror stories about loan servicing companies that take advantage of educators who need help.)
Instead, Horace Mann’s Student Loan Solutions complimentary program is customized for educator student loan forgiveness success. It includes online tools, webinars, and one-on-one coaching that help guide your staff through the process of reducing their student loan debt by:
- demystifying loan forgiveness programs
- calculating loan forgiveness opportunities based on their unique situations
- providing updates on progress and reminders to stay on track
The program also includes many tools for schools, including:
- reporting to track staff usage and loan forgiveness success
- employee launch kit (flyers, emails, intranet links, etc.)
- complimentary workshops on loan forgiveness for your staff
Provide a benefit typically offered only to Fortune 500 employees—at no cost to your district.
Horace Mann’s Student Loan Solutions program is powered by Tuition.io. Companies like Fidelity, Hewlett Packard, Staples, Hulu, and the Federal Reserve also use this platform to attract and retain talent. Horace Mann now provides this type of benefit to public schools to help them attract and retain the best educators. In other words, schools can offer their staff a Fortune 500 company benefit at no cost to the district.
One school that already adopted this student loan debt management benefit has seen a 57% reduction in employee turnover for those employees that took advantage of the program.
In fact, the savings is life-changing for many educators. “Honestly, I was not sure how I was going to make my student loan payments,” says Dallas area educator Rebecca M. “I am now paying $123 a month … and I can finally start to breathe again. This program is badly needed for educators who spend more time worrying about others than looking into solutions for ourselves.”
Do you want to retain your staff by helping them reduce student loans?
The Horace Mann Student Loan Solutions program can help your staff get student loan forgiveness. It may help you retain some of your best teachers!
Note: Statistics and insights included in article sourced from the Horace Mann Educators Student Debt study (June 2020)