A City Employee's Guide to Student Loan Forgiveness
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A City Employee's Guide to Student Loan Forgiveness - Part 2
About WorkWell NYC
Physical Activity Healthy Eating Primary Care & Mental Wellbeing Health Equity
Prevention & Resilience
nyc.gov/workwellnyc
Panelists
Introduction
Anna Tan (she, her) Haidee Cabusora (she, her)
Program Coordinator Director of Policy and Research
WorkWell NYC Office of Financial Empowerment
Office of Labor Relations NYC Department of Consumer and
Worker Protection
Amy Czulada (she, her) Guillermina Fernandez (she, her)
Outreach & Advocacy Program Manager
Coordinator Ariva
The Student Borrower NYC Financial Empowerment Center
Protection Center
nyc.gov/workwellnyc
Poll
Did you watch Part 1 of this
webinar series?
Agenda - Part 2
• Recap of Part 1
• Public Service Loan Forgiveness (PSLF) Waiver
• Q&A
• NYC Financial Empowerment Centers
• Summary
• Resources
nyc.gov/workwellnyc
Recap of Part 1
Panelists
Financial Wellness + Health
• Feeling in control over
day-to-day expenses
• Financial resilience
• On track to reach
savings goals
• Flexibility to make
choices
nyc.gov/workwellnyc
Panelists
Student Loan Debt by the Numbers
Nationally
New York State
New York City
$0 $10,000 $20,000 $30,000 $40,000 $50,000
nyc.gov/workwellnyc
Panelists What's New with Student Loans The COVID-19 Emergency The Limited PSLF Waiver Relief was extended and Opportunity is through October will end August 31, 2022. 31, 2022. nyc.gov/workwellnyc
Panelists What's New with Student Loans Important notice regarding the availability of student loan forgiveness for City of New York employees, effective April 2022. Employers will provide a notice for employees and job applicants regarding the availability of federal and state student loan forgiveness programs. nyc.gov/workwellnyc
Panelists
Public Service Loan Forgiveness (PSLF)
The PSLF Program forgives the
remaining balance on an employee’s
Direct Loan after 120 qualifying monthly
payments have been made under a
qualifying repayment plan while working
full time for a qualifying employer.
nyc.gov/workwellnycPSLF Waiver
Time-Limited Waiver of Public Service Loan Forgiveness Requirements
PROTECT BORROWERS
Limited PSLF Waiver
Direct Loans
▪ Loan type: Credit for payments on FFEL
and Perkins loans if the borrower
consolidates (or already has) Income Driven
Repayment (IDR)
▪ Payment plan: any payment counts
Public Service
▪ Employer and payment count still apply Employer (30 hours)
▪ Military deferments and forbearances count
▪ Current employment not necessary 120 payments
protectborrowers.orgPROTECT BORROWERS
Limited PSLF Waiver
▪ Not completely automatic Direct Loans
○ Federal Family Education
(FFEL)/Perkins must consolidate Income Driven
Repayment (IDR)
○ File Employment Certification Form if
have not previously Public Service
Employer (30 hours)
▪ FFEL and Perkins borrowers are at
greatest risk of missing out
120 payments
protectborrowers.orgPROTECT BORROWERS
OCTOBER 31, 2022, DEADLINE TO ACT
protectborrowers.orgWhat Borrowers Need to Know
PROTECT BORROWERS
Do you need to take action? It depends.
1. Is your employer a qualified public service employer?
2. What loans do you have?
3. Have you certified your employment with the PSLF form?
protectborrowers.orgPROTECT BORROWERS
Do you need to take action? It depends.
1. Is your employer a qualified public service employer?
○ Check on the www.studentaid.gov PSLF Help Tool to see if any of your
employers since 2007 are already qualified as public service
employers. If so, then consolidate.
○ If your employer is not listed, but you work for a government, 501(c)3,
or certain other non-profit organizations, you can likely still qualify.
protectborrowers.orgPROTECT BORROWERS
Do you need to take action? It depends.
2. What loans do you have?
○ If you have anything other than a Direct Loan, you must consolidate.
○ If you have a Direct Loan or already consolidated into a Direct
Consolidation Loan, your loan types qualifies for PSLF.
protectborrowers.orgPROTECT BORROWERS
Do you need to take action? It depends.
3. Have you certified your employment with the PSLF form?
○ If you have a Direct Loan and certified employment since having that
loan, the Department will automatically review your account for PSLF
credit.
○ If you have a Direct Loan and have never certified, you must submit the
PSLF Form (formerly an ECF) using the www.studentaid.gov PSLF Help
Tool.
○ If you have to consolidate into a Direct Loan, you must submit the PSLF
Form (formerly ECF) after you consolidate.
protectborrowers.orgConfirming Employers
PROTECT BORROWERS
Log in at https://studentaid.gov/
protectborrowers.orgPROTECT BORROWERS
Confirm your employer
protectborrowers.orgPROTECT BORROWERS
Confirm your employer
protectborrowers.orgIdentifying Your Student Loans
PROTECT BORROWERS How to tell what type of federal student loan you have Step 1: Log into studentaid.gov Step 2: Under your student aid dashboard, navigate to “View Details” Step 3: On the top right, select “Download My Aid Data” protectborrowers.org
PROTECT BORROWERS How to tell what type of federal student loan you have protectborrowers.org
Consolidating Your Student Loans
PROTECT BORROWERS
Log in at https://studentaid.gov/
protectborrowers.orgPROTECT BORROWERS protectborrowers.org
PROTECT BORROWERS
● Select the loans to
consolidate
● View the amount and
interest rate for your new
Direct Consolidation
Loan
protectborrowers.orgPROTECT BORROWERS protectborrowers.org
Certifying Employment
PROTECT BORROWERS
Log in at https://studentaid.gov/
protectborrowers.orgPROTECT BORROWERS
Confirm your employer
protectborrowers.orgPROTECT BORROWERS
Confirm your employer
protectborrowers.orgPROTECT BORROWERS
Generating an Employer Certification Form
protectborrowers.orgPROTECT BORROWERS
Submitting an Employer Certification Form
Borrower and FedLoan FedLoan
FedLoan Loans are
Employer determines determines
determines transferred to
complete PSLF employment qualified
loan eligibility FedLoan*
Form eligibility payments
protectborrowers.orgCommon Issues
PROTECT BORROWERS
Common Issues
protectborrowers.orgPROTECT BORROWERS
Common Issues
protectborrowers.orgPROTECT BORROWERS
Common Issues
protectborrowers.orgPROTECT BORROWERS
Common Issues
protectborrowers.orgImportant Takeaways
PROTECT BORROWERS
Important Takeaways
▪ Credit will be given for months during which any loan type was in repayment
▪ Deadline of October 31, 2022, to consolidate and/or submit PSLF Form
(ECF)
▪ Confirm your employer
▪ Confirm your loan types
▪ Consolidate if necessary
▪ Submit a PSLF Form
▪ File a complaint if you experience any issues
protectborrowers.orgAny Questions?
Financial Counseling
NYC Financial Empowerment Centers
• Free, professional, confidential one-on-one
financial counseling (in person or over the
phone)
• Available to anyone 18 or older who lives or
works in NYC
• No income or immigration status restrictions
nyc.gov/workwellnycWhat to Expect During Your First Session?
You and a counselor will work together to:
❑ Discuss and establish your financial
goals
❑ Conduct a financial health assessment
❑ Review and discuss your credit history
❑ Develop a list of action steps to help
reach your financial goals
❑ And much more!
nyc.gov/workwellnycHow a Financial Counselor Can Help You?
• Create a budget to pay for school
• Explore student loan options and loan
forgiveness
• Enroll you in income-driven repayment if
you hold federal loans
• Deal with unpaid loans from a previous
enrollment
• Understand loan discharge options
• Handle loan debt in collections
nyc.gov/workwellnycHow a Financial Counselor Can Help You? • Contact creditors on your • Set up a spending • Manage your money behalf about existing loans plan • Open bank accounts • Negotiate with creditors to • Separate personal • Help you reduce debt lower payments or suspend and business • Improve your credit them finances nyc.gov/workwellnyc
What Documents to Bring to Your Session?
You can bring any documentation you have about your
finance. Here are some examples:
❑ Bills or statements
❑ Copies of your credit report
❑ Collection notices
❑ Copies of your tax returns
❑ Paystubs
❑ Court papers
❑ Student loan bills or loan information
nyc.gov/workwellnycPoll Do you plan to utilize Financial Empowerment Center counseling?
Panelists
Summary
• The Public Service Loan Forgiveness (PSLF) Program forgives the remaining
balance on an employee’s Direct Loan after 120 qualifying monthly payments
have been made under a qualifying repayment plan while working full time for a
qualifying employer - as a City employee, your employer is qualified!
• The limited PSLF Waiver is available through October 31, 2022. The waiver
expands eligibility to past periods of repayment on loans that would not
otherwise qualify for PSLF. For more information, visit Federal Student Aid.
• Student loan borrowers can get free professional financial counseling at NYC
Financial Empowerment Centers.
nyc.gov/workwellnycResources
Panelists
Federal Student Aid
The U.S. Department of Education's office of
Federal Student Aid provides approximately
$112 billion in financial aid to help pay for
college or career school each year.
• For more information on the temporary
PSLF Waiver available through October
31, 2022, visit studentaid.gov
nyc.gov/workwellnycPanelists
Student Borrower Protection Center
The Student Borrower Protection Center is a nonprofit
organization focused on alleviating the burden of student
debt for millions of Americans. The SBPC engages in
advocacy, policymaking, and litigation strategy to rein in
industry abuses, protect borrowers’ rights, and advance
economic opportunity for the next generation of students.
• Visit protectborrowers.org/pslf
nyc.gov/workwellnycPanelists
NYC Financial Empowerment Centers
NYC Financial Empowerment Centers provide
FREE one-on-one professional, financial
counseling and coaching to support you in
reaching your goals.
• Visit nyc.gov/TalkMoney
• Call 311 and say "Financial Counseling“
• For more information on how to book an
online appointment visit: https://a866-
dcwpwb.nyc.gov/talkmoney/faq
nyc.gov/workwellnycNYC Deferred Compensation Plan
Panelists
The New York City Deferred Compensation Plan (DCP) allows
eligible New York City employees a way to save for retirement
through convenient payroll deductions. DCP also offers:
• Individual Consultations with a Certified Financial
Planner™ for members of the NYC Deferred
Compensation Plan/NYCE IRA
• Financial wellness webinars
• Call (212) 306-7760
nyc.gov/workwellnycNYC Employee Assistance Program
Panelists
EAP provides education, information,
counseling and individualized referrals to
assist with a wide range of personal and social
difficulties.
• Phone: 212-306-7660
• Email: eap@olr.nyc.gov
nyc.gov/workwellnycNYC Well
Panelists
NYC Well is your connection to free,
confidential mental health support. Speak to a
counselor via phone, text, or chat and get
access to mental health and substance use
services, in more than 200 languages,
24/7/365.
• Call 1-888-692-9355
• Text WELL to 65173
nyc.gov/workwellnycPoll After viewing this presentation, do you plan to complete the PSLF waiver? • Yes • No • I already completed the waiver • Not applicable
PanelistsEvents
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Earth Day 2022: Protecting Our Community
Climate change not only effects our environment, but our
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Learn more and register at on.nyc.gov/upcomingeventsContact Us: nyc.gov/workwellnyc workwell@olr.nyc.gov @workwellnyc linkedin.com/company/wwnyc youtube.com/workwellnyc
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