Supporting Current Employees Through the Public Service Loan Forgiveness Process
The Benefits of Feeling Seen by Your Employer
October 31 is the deadline for applying for consideration of the Public Service Loan Forgiveness. The process isn’t simple, and prior to President Biden and Secretary Cardona taking the helm, “just 1% of PSLF applicants had actually received forgiveness for the loans”. But due to an expansion of the program, cleaning up the process, and broadening eligibility, “The Department [of Education] estimates that the limited waiver alone will help over 550,000 borrowers who had previously consolidated their loans see their progress toward PSLF grow automatically, with the average borrower receiving 23 additional payments. This includes approximately 22,000 borrowers who will be immediately eligible to have their federal student loans discharged without further action on their part, totaling $1.74 billion in forgiveness.”
The process is surely worthwhile for #HigherEd professionals to engage in, but it is complex, especially if you have changed employers, moved in and out of the field or if you have taken a pause to payments for whatever reason.
In a recent episode of “Office Hours with Dr. De Veau” we heard from two borrowers who had been managing challenges with the process. And while they were both at different stages of their loan repayment process, their experiences were similar - the process was not straightforward and they would benefit from some guidance and support. Neither of the individuals was getting support from their employer, although it appears that some unions are attempting to provide assistance, more needs to be done.
NASPA, a leader in #HigherEd and #StudentAffairs administration has not provided webinars or support beyond a short blog entry on their website. While ACPA has run a webinar, the organization is far smaller than NASPA in total number enrolled as active members, so it is unclear how many people may have benefited from this opportunity. Why the two organizations did not partner with ACUHO-I, NACA, ASCA, and others for such a program that could have reached tens of thousands of #HigherEd Pros, is not easily determined. However, whatever the reason, it is disappointing.
Since professional organizations have not risen to the occasion, Campuses have the opportunity to fill the void. Not a hiring manager or HR Director is unaware of the challenges that hiring and retaining of employees is having on their teams. By providing an opportunity for staff to learn more about the PSLF program from knowledgeable financial aid staff on campus or in the region, staff can draw on expertise while feeling seen and valued.
Concerned that you may be resource strapped and don’t have the expertise available? Consider these options:
Reach out to ACPA and offer to pay for a replay of the webinar, or if your campus has a union, contact the union to determine if they have a PSLF resource and can it be offered to your community, regardless if individuals are in the union.
Encourage staff and faculty to come to a general kick off meeting, in person or via zoom where support teams will be created. A simple Google form can help to identify interested parties, and create cohorts that will support one another through the process.
Give every administrative staff member a floating day off to work on the administrative requirements of the PSLF, so they do not have to take time off or interrupt their work day to track down paperwork and sit on hold. For faculty, be mindful of deadlines and in-house requirements prior to October 31 to give them time and support to complete the application.
While there is no guarantee that every borrower is going to be receiving funds back, it would be a boon if they were able to say that their institution gave them the support they needed in the process, so they didn’t feel isolated and alone while navigating such an important and stressful time. Being a good employer can and should include compassion.