Our plan members who serve in retirement communities spend their days caring for others, often neglecting their own care, including their financial well-being. Financial stability reduces stress, freeing us to care for ourselves as well as for others.
To support the well-being of our members serving in PC(USA)-affiliated retirement communities, the Board of Pensions has introduced this new program to provide relief from educational debt. It combines debt relief with student loan debt coaching through PeopleJoy, at no cost to the participant.
Grants are up to $5,000 a year, for up to five years, totaling $25,000.
To qualify, you must
The Board will contribute $5,000 a year for five years or until your debt is eliminated, whichever comes first, if you pay your loan servicer a specified amount monthly. Additionally, you must receive student loan debt coaching from PeopleJoy, an educational debt reduction firm who partners with the Board.
Once accepted into the program, you will be connected with PeopleJoy to begin student loan debt coaching.
The amount you must commit to pay is based on a percentage of your effective salary and the amount of your educational debt, as shown below. Participant contributions will be verified.
Assistance recipient educational debt repayment commitment | ||
|---|---|---|
| Effective salary | Debt ≤ $28,000
You pay the lesser of: | Debt > $28,000
You pay: |
| < $40,000 | 3% or MMP* | MMP |
| $40,000-$49,999 | 4% or MMP | MMP |
| $50,000-$59,999 | 5% or MMP | MMP |
| $60,000-$69,999 | 6% or MMP | MMP |
| $70,000-$79,999 | 7% or MMP | MMP |
| > $80,000 | not eligible | not eligible |
| *MMP = minimum monthly payment | ||
To remain enrolled in the program, you must
Call the Board of Pensions at 800-773-7752 (800-PRESPLAN).