Equifax, Inc. · NYSE:EFX
Equifax — Student Debt & PSLF: Helping Your Employees Navigate the Maze webinar (November 2023)
24 slides from Equifax's conference presentation, Nov 16, 2023
Slide 1: Student Debt & PSLF: Helping Your Employees Navigate the Maze
Student Debt & PSLF: Helping Your Employees Navigate the Maze November 16, 2023 PROPRIETARY | 1
Slide 2: Thanks for joining our webinar
Thanks for joining our webinar Welcome! Questions? Recording Thank you for joining our Please enter your questions This webinar is being webinar. Stay tuned for in the chat box on your recorded. You will receive an more from Equifax screen at any point during email with a link to view the Workforce
Slide 3: To keep our lawyers happy
To keep our lawyers happy The information provided herein is intended as general guidance and is not intended to convey specific tax or legal advice. For a legal opinion, please consult your lawyer. This presentation is intended for the education and benefit of our customers and potential customers. T
Slide 4: Today's Presenters
Today’s Presenters Adrien Borger Aaron Smith Sr. Director, Product Management - The Work Number Co-Founder Equifax Workforce Solutions Savi PROPRIETARY | 4
Slide 5: Who is Savi?
Who is Savi? We help employees unlock savings and loan forgiveness $2.8B+ The amount in projected loan forgiveness we’ve helped users find¹ EMPLOYEES EMPLOYERS ● Helps reduce student debt and ● More scalable, easier to monthly payments implement solution ● Provides one application to ● Better track e
Slide 6: Poll #1
Poll #1 How are you currently communicating with employees about student loan debt? Through our intranet; passively As information arises, we share in employee forums Via company wide HR email communications We don’t communicate with our employees about student debt/PSLF PROPRIETARY | 6
Slide 7: Did you know?
Did you know? 66% 98% 24% of employees say of Public Service of submitted Public student debt is their Loan Forgiveness Service Loan applications have Forgiveness forms top source of been rejected2 are missing financial stress1 information2 PROPRIETARY | 7 ¹AIG, Feb 2022; ²Federal Student Aid Data Ce
Slide 8: Student debt is the second largest consumer debt in the country
Student debt is the second largest consumer debt in the country. Nearly double that of credit card debt. PROPRIETARY | 8 Federal Reserve Bank of New York (Q1, 2023)
Slide 9: Payments have recently resumed
Payments have recently resumed In 2020, the government paused $1.6 trillion of student debt payments. For 45+ Million borrowers, that pause ended on October 1.¹ INSIGHT Half of all borrowers whose student loan payments are scheduled to restart have other debts worth at least 10% more than they were
Slide 10: Paying Student Loans Again Could Feel Like a 5% Pay Cut
Paying Student Loans Again Could Feel Like a 5% Pay Cut¹ When employees are financially stressed, they can be less productive, less engaged, and more likely to leave their job.² PROPRIETARY | 10 ¹ Wall Street Journal, July 2023 ²PricewaterhouseCoopers (PwC), 2022
Slide 11: Hundreds of billions of dollars are estimated to be unclaimed
Hundreds of billions of dollars are estimated to be unclaimed in $400B & $300B In student loan In lower student forgiveness¹ loan payments² new student loan benefits. PROPRIETARY | 11 ¹ Savi estimates based on public & private data ² U.S. Department of Education
Slide 12: Eligible employees face a maze of loan forgiveness options
Eligible employees face a maze of loan forgiveness options • DL Standard Pre-HERA • Income-Sensitive REPAYMENT PLANS • FFELP/DL Standard Post-HERA (4) • REPAYE (17) • DL Graduated Pre-HERA • SAVE • FFELP/DL Graduated Post –HERA (4) • Income-Contingent • DL Extended Pre-HERA • +8 more… • Teacher Loan
Slide 13: Public Service Loan Forgiveness (PSLF)
OVERVIEW Public Service Loan Forgiveness (PSLF) ● Make 120 payments while meeting 3 requirements ● After you make 120 payments, your entire remaining balance is forgiven ● Payments do not need to be consecutive, just cumulative ● You cannot make extra payments to qualify sooner PROPRIETARY | 13
Slide 14: Understanding Student Loans
Understanding Student Loans Income-Driven Repayment (IDR) ● 4 primary IDR plans: SAVE (Formerly REPAYE), PAYE, IBR, ICR ● Caps payment based on your income & family size • Ex: Single, no dependents, income: $52,000 = $160/month ● Low-income borrowers can be approved for $0 payments in some cases ● E
Slide 15: Public Service Loan Forgiveness Process
Public Service Loan Forgiveness Process Did you know? BORROWER SERVICER The first cohort of eligible borrowers Check Eligibility Review PSLF Form had a 99% denial 1 Ensure on correct repayment plan and at an eligible employer 5 Review the PSLF and either approve or rate for among other reasons, incor
Slide 16: Resources to help you support your employees as payments resume
Resources to help you support your employees as payments resume. PROPRIETARY | 16
Slide 17: Poll #2
Poll #2 How often do your employees engage you for assistance with PSLF fulfillment? Less than 5 times per month Less than 8 times per month I can’t even count how often we’re asked questions! PROPRIETARY | 17
Slide 18: Employees rely upon employers to provide verifications
THE WORK NUMBER® Employees rely upon employers to provide verifications Auto Loan Mortgage to help support life events. Teleco or Apartment Income and employment verifications Rental Utility can take valuable time away from strategic What if you Setup work. They can also put your organization could su
Slide 19: How It Works
THE WORK NUMBER® How It Works Faster decisions through automation helps drive life’s important moments for your employees. Initiates a transaction Requests income that requires and employment verification of information with employment Provides permissible and/or income data each purpose* payroll cyc
Slide 20: How can employees engage with PSLF today?
Borrower 2 Complete Paperwork How can employees engage with PSLF today? 1 2 3 Use similar Digitally functionality Print and fill out complete form from such as the PSLF form on feature through studentaid.gov studentaid.gov REMINDER Once complete, the PSLF form must Form submissions are required be se
Slide 21: Public Service Loan Forgiveness Form Fulfillment Feature
Public Service Loan Forgiveness Form Fulfillment Feature Save time and help support employees with automated forms fulfillment for PSLF Leverages payroll feed from The Work Number® which helps eliminates the back and forth between employer and employee Self-service access allows employees to maintain
Slide 22: Self-Service Functionality for Employees
Self-Service Functionality for Employees After selecting PSLF from the Letters Center, the employee will choose the appropriate FEIN with a designated “friendly name” assigned by the employer. Employees will be asked to review their pre-populated data in 5 simple steps. *If certain fields with person
Slide 23: Q&A
. | Workforce EQUIFAX Solutions PROPRIETARY | 23
Slide 24: Next Steps
Next Steps 1 SURVEY 2 CONTACT 3 CONNECT Complete the survey Want to talk to someone Subscribe to Let’s Talk HR for updates: through the webinar about Public Service Loan workforce.equifax.com/insights console Forgiveness? Click on the “Want to Get In Touch” button on your webinar console or contact