Penn Employees Receive Over $2 million In Student Loan Forgiveness Service

A service offered by Penn is providing millions in student loan forgiveness for employees.

Penn offers the free service to help faculty, staff, and postdoctoral researchers and fellows navigate the nationally offered Public Service Loan Forgiveness (PSLF) Program. The loan has helped 29 employees save more than $2 million in less than a year. The loan’s have ranged from from $5,000 to $300,000.

The PSLF Program forgives federal loans for eligible employees who work full-time in public services. Since Penn is a not-for-profit organization, some employees qualify for the PSLF program, according to Penn Today.

Because of the program, Chambrel Jones, chief of staff to the dean of the School of Engineering and Applied Science, had $87,215 in student loans forgiven. Jones told Penn Today she signed her first loan when she was 19 and was projected to pay it off at age 45.

“Honestly, it felt like I would be paying my student loans off for the rest of my life,” she said to Penn Today.

In September 2022, Jones reached out to PeopleJoy, the organization that administers the loan service. By late April 2023, all her student loans had been forgiven.

“I was at home at the time, and it just felt like an unbelievable reality,” Jones said.

The Division of Human Resources at Penn first engaged with PeopleJoy in September 2022, striving to help Penn employees handle student loan debt.

Read the full article here 

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