WoodmenLife Can Help Lighten the Load of Student Loan Debt
Student loan debt in the United States has surged in recent years, becoming one of the country’s major forms of consumer borrowing. Although the benefits of a college education typically outweigh the costs, many graduates are worried about entering the job market and the potential impact of their debt on their financial futures.
For WoodmenLife members who are still repaying their student loans, the WoodmenLife Student Loan Relief Program1 can help them move toward financial security.
How much student debt is there?
Student debt has more than doubled in the past 20 years. In the late 1980s and early 1990s, most high schoolers did not enroll in college or university, and less than half of those who did borrowed money to do so.
In 2022, nearly two-thirds of recent high school graduates were enrolled in a college or university, with the majority needing to take out student loans.
According to recent U.S. News & World Report data, the average student is now taking on more debt as college tuition rates rise. According to 2022 data, the average total student debt is about $30,000.
What happens after the Student Loan Payment Pause?
In 2023, after more than three years, Congress ended the student loan payment pause, which suspended student loan payments and interest amid the COVID-19 pandemic.
In December 2023, the U.S. Department of Education released data showing that 60% of the 22 million borrowers with payments due in October made those payments by mid-November.
More than 4 million of these borrowers owe payments for the first time. In addition, millions more had not been making payments before the payment pause due to delinquency or being in forbearance.
While most borrowers have restarted their payments, some may need additional time and support. Some borrowers are feeling confused or overwhelmed about their payment options.
WoodmenLife Student Loan Relief Program
Our goal is to help you focus on your degree — not your debt.
When you choose WoodmenLife for your life insurance, you have access to a wide range of valuable extras1. With our Student Loan Relief program, we can help you manage your student loan debt as you navigate the repayment process.
To provide you with some financial flexibility, the WoodmenLife Student Loan Relief program offers members the opportunity to apply for a $1,000 award2 to alleviate the burden of their student loan debt.
The deadline to apply for the WoodmenLife Student Loan Relief program is July 1 at 3 p.m. Central Time.
For eligibility requirements, visit WoodmenLife.org/Student-Loan-Relief
1. WoodmenLife Extras are available to members. An individual becomes a member by joining our shared commitment to family, community and country, and by purchasing a product. These extras are not contractual, are subject to change and have specific eligibility requirements, such as length of membership, number of qualifying members in a household and/or qualifying event.
Purchase insurance and annuity products that meet your financial situation, needs and objectives. Never purchase insurance and annuity products for the sole purpose of qualifying for non-guaranteed membership extras.
2. Awards are made payable to the lender/servicer of the student loan to pay on outstanding principal balance only (not to satisfy regular payment obligations). Awards may be taxable to the recipient. Financial need is not a consideration and previous WoodmenLife Focus Forward Scholarship® recipients are not eligible.
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