Presbyterian Mission Agency, Board of Pensions partner on student loan debt

LOUISVILLE — Every person who has student loans should explore their options for Public Service Loan Forgiveness by October 2022.

This is the message from Mel Tubb, associate for loan repayment assistance in the Presbyterian Mission Agency, and Ruth Adams, director of the Minister Education Debt Education Assistance Program at the Board of Pensions.

According to Adams, federal student federal loan debt in the U.S. is at $1.6 trillion. Because of Covid, borrowers might receive credit for payments that didn’t previously qualify for PSLF.  As a result, the mission agency and the BOP are working with PeopleJoy, a student loan advising and counseling service that specializes in student loan debt.

“We’re hoping to get a whole lot of people student loan forgiveness,” Adams said. “That would be a win for everybody.”

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Tubb is excited about this partnership with BOP because now the same service that ordained PC(USA) teaching elders are receiving through BOP will be available to any PC(USA) employee. It’s now easier to access, according to Tubb.

“That includes camp and conference and new worshiping community staff,” Tubb said, “and those who work for congregations, mid councils and denominational agencies.”

'Even if you’ve been declined before, you might find that you can receive debt forgiveness now.'

Because of the significant changes in the Public Service Loan Forgiveness Program, Financial Aid for Service will host a webinar with PeopleJoy at 3 p.m. Eastern Time on Thursday, May 12. Anyone who has worked in the public service industry, at nonprofits, in congregations or mid councils, or served in any capacity in the church over the past 10 years is encouraged to attend.

“The general education and loan advice and counseling from professional student loan advisers will help any person take advantage of changes in the PSLF program,” Tubb said. “But time is of the essence. Even if you’ve been declined before, you might find that you can receive debt forgiveness now — or in fewer number of years than you thought possible.”

According to Tubb, it’s important to register for the webinar as a way of getting connected to PeopleJoy. Eligible webinar registrants who opt in will be contacted by PeopleJoy to begin the coaching process.

“PeopleJoy is not only offering advice but also hands-on document production and submission for Public Service Loan Forgiveness,” said Adams. “They’re helping people navigate an overly cumbersome process and unburden themselves from debt.”

The next two webinar dates are June 9 and July 20. Learn more and register here.