UNIVERSITY PARK, Pa. — As part of employee financial wellness, Penn State Human Resources reminds employees they may be eligible for Public Service Loan Forgiveness (PSLF). This program allows qualifying federal student loans to be forgiven after 120 qualifying payments (10 years), while working for a qualifying public service employer. Penn State qualifies as a public service employer and one of the benefits of working at Penn State, is that employees and their family members have this tool available to them to navigate the Public Service Public Service Loan Forgiveness (PSLF) program.
Penn State’s alternate retirement provider, TIAA, has partnered with Savi, a social impact technology company, to offer resources and assistance to help Penn State employees take advantage of programs like PSLF. The tools provided in this program can:
- Help strengthen an employee’s financial footing in the short-term, it also positions them for student loan forgiveness
- Reduce payment based on income and family size
- Free up funds that can be directed towards other financial goals
- Remove the complexities of forgiveness and put the process on autopilot for a fee of $60 per calendar year
- Give employees the choice of navigating the process on their own without any cost through a self-service option
You can also find more information about this PSLF program from TIAA, while visiting the Human Resources website PSLF webpage.
TIAA is offering two 30-minute webinars for employees to see how to use the Savi tool, how it works to reduce monthly payments, and how to get started. Employees interested in learning more about this program and its service, can sign up for one of the free workshops below or read more on the financial well-being webpage on the Human Resources website.
- Thursday, Sept. 22, 4 p.m. ET: https://www.eventbrite.com/e/penn-state-student-loan-forgiveness-workshop-powered-by-savi-tickets-404906625617
- Thursday, Oct. 6, 12 p.m. ET: https://www.eventbrite.com/e/penn-state-student-loan-forgiveness-workshop-powered-by-savi-tickets-404911219357
In these workshops, employees will learn about recent changes to PSLF and the Limited PSLF Waiver that expires on Oct. 31. The waiver has expanded eligibility for purposes of loan forgiveness under the PSLF and those who previously were ineligible for loan forgiveness may now qualify. In addition, the Biden administration recently announced its student debt relief plan, which includes one final extension of the pause on student loan repayments through Dec. 31. To learn more and to calculate estimated savings visit TIAA’s website.
Alternatively, Penn State employees can self-navigate loan forgiveness programs by exploring workshops provided by the Sokolov-Miller Family Financial and Life Skills Center or the Federal Student Aid website, which provides information and the paperwork needed to apply for loan forgiveness.
In addition to workshops, the Sokolov-Miller Family Financial and Life Skills Center. offer free, one-on-one appointments to staff, faculty and alumni to prepare their loans for loan forgiveness.