The crushing burden of student loans on employees isn’t lost on human resource teams. From delayed housing purchases and limited emergency funds to limited (or often non-existent) retirement contributions, the impact of student loans is felt. When it comes to teachers and school staff, the burden of student loans takes on a different tone when paired with other industry stressors. Teachers need relief from student loans, and Your Money Line has a solution.
Your Money Line supports your financial needs from 9-5 and beyond. Our dashboard provides a guided experience to assess where you are now so our team of financial professionals can help you set goals and get where you want to be. One thing you should know about YML: we don’t shame beginnings. Our financial guides have all the financial credentials necessary, but we also spend time training them on empathy. Because empathy is how we create an approachable, safe environment for life’s financial stressors. Your Money Line simplifies financial wellness by providing expert guidance to make tomorrow clearer- at work, and at home.
MSD Wayne Township takes pride in its student population, its facilities, and its staff, but they were facing a problem. As the many stressors of teaching weighed heavier on their people, a glimmer of hope arose in the form of the Public Service Loan Forgiveness (PSLF) program. What if Wayne Township could help its staff forgive their student loans?
And that’s just what Your Money Line is doing for Wayne Township employees. Our team of financial guides is actively assisting teachers with their loan paperwork and questions. We even go the extra mile to train HR teams to fill out their portion of the application so there are no roadblocks to forgiveness. Within days, 119 employees have filled out the PSLF assessment and 46 people have called in to start their forgiveness journey.
While on this surface this is already a success story, this is where the story gets crazy. The average debt forgiven through this program is $94,900! This is a shocking statistic. And if we apply it to Wayne Township employees, it could result in over $4,000,000 forgiven with just the first 46 people that have called in.
“I am proud of the financial support we have been able to give staff with the collaboration with your team and Your Money Line!”
Barry Gardner, Chief Financial Officer, MSD Wayne Township
Cindy called into Your Money Line in September to determine her options with the PSLF program. Unfortunately, she was on the wrong payment plan which at the time didn’t allow her payments to qualify for PSLF. Regardless, we encouraged her to reach out if she had questions down the road about anything else. Later in the fall, Cindy called back to discuss the new changes announced about the limited PSLF waiver. Excited about the change, they worked together on her next steps which were to consolidate her student loans and submit the employment certification form.
Unfortunately, when Cindy received her letter back from FedLoan Servicing it showed an incorrect payment count. The payments that should have been included as part of the newly announced waiver program were not counted. Our guide was able to provide peace of mind by getting to the bottom of the issue. It ended up being a simple timing problem and within a few days, Cindy received a follow-up document from FedLoan Servicing with the corrected qualifying payments. From September to February, Cindy went from not qualifying for student loan forgiveness to being well on her way to being student loan debt free!
Like many teachers, Joseph has been in and out of graduate school as he juggles his full-time teaching duties. His remaining undergrad balance is small but he also has a balance from graduate school loans. Joseph called to talk to a Your Money Line guide about his loan forgiveness options. Joseph is in a unique position; he is close to qualifying for the PSLF program but he has other options to consider.
Before making a decision, our guide encouraged Joseph to consolidate his loans and review his employment certification form. Joseph is still actively working with his guide to weigh his options for finishing graduate school and receiving loan forgiveness.
Amazing things continue to happen at Wayne Township. To learn more, check out Profile Magazine’s coverage of all the other amazing initiatives Wayne Township is doing for their employees in this interview with CFO Barry Gardner.