Student Loan Fund and PSLFCT Coalition Partners with Summer, Leveraging Technology to Improve Access to Public Service Loan Forgiveness for Thousands of People in Connecticut
HARTFORD, Conn.–(BUSINESS WIRE)–The Student Loan Fund and a coalition of unions, nonprofits and government agencies working to help thousands of public servants get their loans forgiven are partnering with Summer, a Certified B Corporation whose digital solution helps student borrowers make repayment easier for borrowers throughout Connecticut. Borrowers in Connecticut will now have two weeks of free access to Summer, which will help nonprofit and public sector borrowers take advantage of the limited exemption period of the Public Service Loan Waiver Program (PSLF), which expires on October 31. Connecticut borrowers participating in the Summer Partnership Program hold an average of $79,456 in student loan debt per person, indicating a significant opportunity for relief.
“We are thrilled to partner with Summer on behalf of Connecticut borrowers to raise awareness for the PSLF and give them the tools they need to lift themselves from the crushing burden of student debt,” said Cristher Estrada Perez, Executive Director of Student LoanFund. “Earning forgiveness should be easier, and we are proud that through this partnership, it will be. But borrowers need to take action before this free option ends on October 15. While student debt may seem like a personal challenge, it’s a public policy issue — one that disproportionately affects blacks and browns. We are incredibly motivated to change this dynamic.
The Public Service Loan Forgiveness Program is for those who have been or will be employed for 10 years in public service employment, including school, non-profit, and government employees as well as some health care workers. According to Brookings, the borrowers who struggle the most with student debt burdens are disproportionately from low-income families, first-generation college students, and students of color.
More than 113,500 Connecticut residents may be eligible — but, as of July, just 1% of state government workers with student loan debt had it canceled under the PSLF. This 15-year student loan forgiveness program for public service workers cancels all remaining debt at an average of $60,000 per person.
“Connecticut student loan borrowers are looking for a trusted source of financial information and advice, which is exactly what our technology and trained student loan experts are here to deliver,” said Will Sealy, CEO of Summer. “As a trusted partner, Summer will help borrowers find and apply for the best loan assistance programs, avoid a flood of debt relief scams, and create a smart repayment strategy to get the financial freedom they deserve.”
To take advantage of the partnership, Connecticut borrowers can visit pslfct.org or app.meetsummer.org.
About PSLF CONNECTICUT
The PSLF Connecticut Campaign is a coalition of nonprofits, unions and government agencies working to help thousands of public service workers get their loans forgiven.
About the Student Loan Fund
Student Loan Fund is a Connecticut-based nonprofit organization working to reform the student loan system and lobby for increased debt relief. The fund holds regular Civil Service Loan Forgiveness Workshops to help borrowers navigate the complex eligibility process.
Summer partners with organizations to empower their populations to navigate and reduce student debt through proven technologies, policy expertise, and human support. Founded in 2017 by industry experts, its mission is to provide student loan debt relief to 46 million borrowers by providing industry-leading solutions such as automated digital enrollment for government loan forgiveness and consolidation of loans. Summer is a certified B company. For more information, visit www.meetsummer.com.