Survey: Debt weighs heavily on educators
August 10, 2020
A recent survey shows more than 60 percent of educators have student loan debt, and that debt weighs heavily on their decision to stay in the profession. The survey from Horace Mann, the largest financial services company for educators and school employees, also reports: 
  • 34 percent of educators are considering leaving the profession due to financial stresses; 
  • 88 percent of educators with student loan debt would be more likely to stay in the profession if they could get their loans forgiven; and 
  • 70 percent would be more likely to stay in the profession longer if they could get a lower payment on 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.   Horace Mann Educators Corporation has partnered with to add 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, 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 2 percent of borrowers have applied. In addition, the forgiveness process is virtually impossible to navigate successfully without expert assistance.  Horace Mann and have partnered to demystify the process and help educators establish their loan forgiveness eligibility. 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, offer a 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.”  This article was supplied by ACSA Partner4Purpose Horace Mann.
Debt forgiveness program aims to keep talented teachers in the profession
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