Summer: Helping Borrowers Secure Student Loan Forgiveness

Like many Americans, Nicole needed financial support to attend school. She took out a Federal Family Education Loan (FFEL) loan in 2005, which was consolidated into several Direct loans in 2015 – loans that totaled almost $150,000. Nicole has worked full-time in public service since 2006, both at the Catholic Charities Headstart Diocese of Cleveland and at the Cleveland Metropolitan School District. She found herself drowning in debt and was unable to navigate the world of student loan forgiveness.

Under prior Public Service Loan Forgiveness (PSLF) rules, only her employment after the consolidation in 2015 would qualify toward the required 10-year timeline. Nicole had already made more than half of the payments toward the 120 qualifying monthly payments the program requires and had been certifying her employment.

Summer’s technology and team stepped in to help Nicole navigate her student debt relief options. They assisted her with submitting an updated employment certification under the new PSLF waiver, which resulted in: 

• • Receiving $148,967 in loan forgiveness
  • Improving her credit score 70 points following the loan forgiveness

Summer joined the Financial Health Network’s Financial Solutions Lab Accelerator program as part of its 2020 Challenge, which focused on fintech solutions that addressed the financial health of workers and students. Through the program, Summer received help with measuring and optimizing their impact, connected with investors and other fintechs for funding and partnership opportunities, and received mentorship from financial services experts. With these resources, Summer was equipped to grow its business and build impactful products that helped students navigate the complex landscape of student loan repayment and forgiveness.