Horace Mann expands Student Loan Solutions for educators with new platform

SPRINGFIELD, Ill. and SAN MATEO, Calif. (July 15, 2020) - Horace Mann Educators Corporation (NYSE: HMN) has partnered with Tuition.io to add valuable new student loan management resources, including additional support with loan forgiveness programs, to its suite of educator-focused insurance and financial solutions.

The average student loan debt is nearly $33,000,¹ which means educators face overwhelming debt as they begin their career. All K-12 public school employees with federal student loans are eligible to seek forgiveness under the Public Service Loan Forgiveness program, but sadly, out of 6.4 million public school educators, less than two percent of borrowers have applied.² In addition, the forgiveness process is virtually impossible to navigate successfully without expert assistance.

Horace Mann and Tuition.io have partnered to demystify the process and help educators establish their loan forgiveness eligibility. A recent Horace Mann survey shows more than 60% of educators have student loan debt, and that debt weighs heavily on their decision to stay in the profession. ³

• 34% of educators are considering leaving the profession due to financial stresses
• 88% of educators with student loan debt would be more likely to stay in the profession if they could get their loans forgiven
• 70% would be more likely to stay in the profession longer if they could get a lower payment on their student loans

As the teacher shortage continues to grow, in part due to budget cuts constraining wages, keeping talented and committed teachers in the profession is of the utmost importance. By removing the burden of student loan debt, educators are able to reduce that stress and invest in their future. Horace Mann's new Student Loan Solutions accounts, powered by Tuition.io, are another way Horace Mann can offer an immediate and meaningful benefit to the educators it proudly serves.

“Educators should pursue an understanding of their loan forgiveness opportunities early. With the right tools and support, they can optimize their existing loans for Public Service Loan Forgiveness,” said Erin Clark, Vice President of Brand and Horace Mann's Student Loan Solutions program. “Four out of five rejections for forgiveness were preventable with awareness and planning. Today, educators using Horace Mann's complimentary first-generation Student Loan Solutions program collectively are on the path to more than $250 million in loan forgiveness opportunities. That program successfully created awareness about the unique strategies available to public school employees to reduce the burden of student loan debt."

"This new partnership with Tuition.io expands and deepens our ongoing support to help educators successfully reduce their student loan debt burden. 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," added Clark.

"Tuition.io is proud to be the student loan debt management platform for educators served by Horace Mann," said Scott Thompson, CEO of Tuition.io. "Tuition.io was founded to reduce the burden of student loans. With Horace Mann's extensive portfolio of solutions, and impeccable reputation, we're excited for the opportunity to help bring this important solution to educators across the U.S."

Powered by the Tuition.io platform, the new Horace Mann portal is an easy-to-use suite of resources to manage student loan debt and get guidance on federal loan forgiveness programs available to educators. 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. Most importantly, the portal assists educators through the process of qualifying for loan forgiveness opportunities by taking into account an educator's specific financial circumstances and adapting their results based on the latest legislation (e.g., the CARES Act). The Horace Mann methodology has been proven to increase the success rate of loan forgiveness applications.

(1) Federal Reserve: May 2017
(2) US Department of Education PSLF: June 2019, Report accessed 12/5/19
(3) The Student Loan Debt Effect: Good Teachers are Leaving Education, Insights from the Horace Mann Educators Student Loan Debt Study