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Student Loan Relief BenefitFrequently Asked QuestionsUpdated January 24, 2022The Table of Contents below lists the sections of this FAQ. CTRL Click to navigate to a particularsection/topic.Table of ContentsABOUT THE STUDENT LOAN RELIEF BENEFIT . 1GETTING STARTED WITH THE STUDENT LOAN RELIEF PROCESS . 3ABOUT PUBLIC SERVICE LOAN FORGIVENESS (PSLF) . 4ABOUT THE LIMITED WAIVER OPPORTUNITY (LWO) . 6ABOUT FIDUCIUS . 7WHO TO CONTACT FOR ASSISTANCE . 7ABOUT THE STUDENT LOAN RELIEF BENEFITWhat is the Student Loan Relief benefit offered to associates?OhioHealth has partnered with Fiducius to assist associates in taking control of their student loans.Fiducius provides in-depth education and comprehensive support on student loan restructuring optionsincluding (Forgive) Public Service Loan Forgiveness, (ReFi) loan refinancing, and (SimpliFi) loanconsolidation.1
With Fiducius, expert advisors can provide a personalized Student Loan Financial Wellness Planregardless of your student loan debt amount.Who is eligible for the Student Loan Relief benefit?All OhioHealth benefit-eligible (working 24 or more standard weekly hours) associates, employedphysicians and residents can participate in the Student Loan Relief Benefit.Can Fiducius help my family members who do not work at OhioHealth?The OhioHealth benefit covers only benefits-eligible (working 24 or more standard weekly hours)associates. As an associate, Fiducius will work with you for student loans that are in your name foryourself, your children or grandchildren.How does the Student Loan Relief process work with Fiducius?Your student loan situation is unique and requires personalized assistance. Through a combinationof easy-to-use technology and expert Fiducius advisors, you’ll be able to make informed decisionsabout your student loan debt and receive a personalized Student Loan Financial Wellness Plan.This is a plan built specifically for you, considering your unique education and financial situation. Youradvisor will ask for your income, tax filing, benefit choices, education planning and life events (likehaving children). Based on your information, the advisor will provide detailed financial modeling toshow you a path that supports your future financial wellness.Are there costs for this Student Loan Relief benefit?Most services are available to associates at no cost.OhioHealth will pay the fees associated with the student loan consolidation and refinancing services(“Refi” and “SimpliFi”), and for the standard PSLF service provided to associates who are not in schoolnor returning to school (“FORGIVE Fundamental”).Fees not covered by OhioHealthThere are costs associated with the PSLF service for associates who are in school or returning to school(“FORGIVE In-School or Back to School”). OhioHealth does not cover the costs for this service if youdecide to use it.2
More about your costs/feesYou will have unlimited access to your online dashboard and dedicated advisor, all at no cost. Once youhave your personalized Student Loan Financial Wellness Plan, you can either implement the plan onyour own or hire Fiducius to handle all the work for you. There may be a fee, depending on your loanrestructuring option. Your advisor will explain all the details upfront.Working with Fiducius is like using a software application or hiring an accountant to ensure your taxesare done correctly, and that you receive the maximum refund or pay as little as possible. If you decide topursue PSLF with Fiducius, they will (1) VERIFY you are properly aligned for PSLF, meaning all yourqualified loans are aligned with a qualifying payment and all your paperwork is completed correctly; and(2) MAXIMIZE your amount of forgiveness, ensuring you receive every dollar you are qualified to receive.GETTING STARTED WITH THE STUDENT LOAN RELIEF PROCESSHow do I get started?Visit the welcome page to sign in using your OhioHealth email address or your personal emailaddress as it exists in Workday (if you do not have an OhioHealth email address). Your password isEmployee ID “@” “OH”. For example 12345@OH1. Login to the MyFiducius PortalIf you have trouble logging in, send an email to [email protected], put“OhioHealth” in the subject line, and provide a brief description of the problem. YourFiducius Support Services team will be glad to help you resolve the issue.2. Co mp lete Initial ScreeningAnswer basic screening questions to learn your initial student loan options in just 5-6 minutes3. Schedule Advisor ConsultationAt your convenience, discuss your results and next steps with an expert advisor4. Update Profile InformationFollow the to-do steps in your dashboard. You can update contact details in profile settingsbefore your advisor meeting.If you have already created your account, login at https://ohiohealth.myfiducius.com/loginIs this program only for student loans?Yes, the Student Loan Relief benefit can only provide help with your student loans. Both existing andnew student loans could qualify for some type of student loan assistance. Fiducius offers specializedhelp if you’re considering returning to school.Can Fiducius help with student loans that I have for my children or grandchildren (like Parent Plusloans)?Fiducius can work with associates who hold Parent Plus or other student loans for their children andgrandchildren.3
What if I start the Student Loan Relief benefit and leave OhioHealth?The Student Loan Relief is a portable benefit, so you can continue using it outside of OhioHealth, withsome qualifications. For PSLF, you must continue to work at a qualifying not-for-profit organization. Youwill be responsible for paying any ongoing fees associated with the benefit after your employment withOhioHealth ends.What if I start the Student Loan Relief benefit and must take a leave of absence (LOA)?The Student Loan Relief benefit is flexible to accommodate leaves of absence, like FMLA or maternityleave. You can take time off and not lose credit for any qualifying payments already made.How does participating in pre-tax benefits affect student loan forgiveness?As part of the Student Loan Financial Wellness Planning process, Fiducius will quantify how participationin pre-tax benefits, such as a retirement plan, a Flexible Spending Account (FSA) or Health SavingsAccount (HSA) can lower your monthly student loan payment. In general, every 100 you contribute to apre-tax benefit will lower your monthly student loan payment by 18-20.Are my student loan payments entered as payroll deductions?No, you are required to make payments directly to the loan servicer.ABOUT PUBLIC SERVICE LOAN FORGIVENESS (PSLF)The Public Service Loan Forgiveness (PSLF) & Temporary Expanded PSLF (TEPSLF) Certification &Application form requires employment certification. What’s the process for completing that section ofthe form and where should I send it?Your advisor will assist with completing the Public Service Loan Forgiveness (PSLF) & TemporaryExpanded PSLF (TEPSLF) Certification & Application form. A section of that form requires employmentcertification by OhioHealth. To get the employment certification section completed, you will need toemail the completed form to the HR Resource Center at [email protected] for verification. The HRResource Center will send the signed form back to you, and you will need to send it to your Fiduciusadvisor for processing.What is PSLF?Congress established the PSLF program in 2007 with passage of the College Cost Reduction and AccessAct. It was enhanced in 2009 and 2012 with the introduction of Income-Driven Repayment (IDR) options.To participate, you must work full-time for a qualified not-for-profit and make 120 qualifying paymentsto your qualified student loans, and any remaining balance will be forgiven tax free by the federalgovernment. PSLF is a discharge provision written in the Direct Loan Master Promissory Note, entitlingyou to take advantage of the program.What is a qualifying payment?4
A qualifying payment is an approved Income Driven Repayment (IDR) that is made on-time; within 15days of the due date while working full-time (as defined by the federal program). See additionalinformation about the Limited Waiver Opportunity below.What is considered full-time?If you work in one or more jobs for a qualifying employer(s) for an annual average of at least 30 hoursper week, or for a contractual employment period of at least 8 months averaging 30 hours per week,then you will be considered as full-time.Do all student loans qualify for the program?No, only Direct federal student loans qualify for the program. Federal student loans must be alignedcorrectly to be eligible for loan forgiveness. Private student loans are not eligible for the program.Fiducius can assist you in reviewing your current student loans for qualification.If I refinance with a private lender, can I still benefit from loan forgiveness?No, if you refinance then you are no longer eligible for PSLF. Your advisor will explain further.How does PSLF work for parents?If you have Parent Plus loans for your children or even grandchildren, Fiducius will help you determinehow these loans can be aligned as Direct loans to qualify for PSLF.Are there any tax implications if I participate in PSLF?Forgiveness provided after 120 qualifying payments is tax-free, regardless of the amount. Your tax filingstatus (e.g., filing jointly vs. separately) is one strategy Fiducius may evaluate for you as part of theStudent Loan Financial Planning service. For example, Fiducius may recommend filing your annual taxreturn as married, filing separately, to increase your debt-to-income ratio, which in turn increases theamount of your forgiveness. Any tax implications are provided in your Student Loan Financial WellnessPlan. We’ll even explain the details to your accountant if needed.Can I participate if I’ve already restructured my student loans from the standard payment?It’s very common for associates who work with Fiducius to have already restructured their loans usingoptions including graduated extended payments or an IDR plan. Fiducius will evaluate your currentsituation to determine if and how your student loans can be aligned with PSLF.Can I be “grandfathered in” to the PSLF program if I previously worked at another not-for-profitorganization?As part of the process, your Fiducius advisor will help associates determine if prior years of service orpayments can qualify towards forgiveness. This is dependent on many factors, including student loantype and employment status.5
What happens if I am no longer employed by a not-for-profit organization?With loan forgiveness (PSLF), one requirement is that you must remain employed with a not-for-profitorganization. Many associates choose to remain at their not-for-profit organization because of the highlevel of financial relief provided by PSLF.ABOUT THE LIMITED WAIVER OPPORTUNITY (LWO)On October 6, the Department of Education announced a Limited Waiver Opportunity (LWO) for thePublic Service Loan Forgiveness (PSLF) program. The ‘currency’ of PSLF is qualifying payments, with 120required to receive loan forgiveness. Through October 31, 2022, an estimated 550,000 federal loanborrowers may receive additional qualifying payments based on their past payment history, movingthem closer to forgiveness. Approximately 50,000 of these borrowers could receive enough additionalqualifying payments to have their loans forgiven immediately.While the LWO temporarily relaxes some requirements for PSLF, it does not address the underlyingproblems which have led to only 2% of applicants receiving forgiveness. The Student Loan FinancialPlanning service provided by Fiducius will help ensure you receive all the forgiveness for which youqualify.Should I make payments on my student loans in May 2022 when administrative forbearance ends?Yes, you should continue making payments, particularly if you are already participating in or eligible forPSLF. You will receive a refund of any payment(s) made in excess of the required 120 qualifyingpayments.Which PSLF requirements have been temporarily waived?Two requirements have been temporarily waived until October 31, 2022: Past payments made under any repayment plan type may qualify. Past ineligible loan payments due to improper loan type may qualify.Will payments made on Parent Plus loans qualify under the Limited Waiver Opportunity?No, Parent Plus loans are not eligible under this waiver. In addition, direct consolidated loans containingParent Plus loans are also ineligible.When can I expect to see a change in my qualifying payment count?The Department of Education has said that borrowers affected by the change in requirements will havetheir payment history reviewed, but that it could take several months to reflect the new qualifyingpayment count.What if I receive additional qualifying payments that bring my total to more than 120?You will receive a refund for any qualifying payments made in excess of 120. This may take severalmonths for the Department of Education to process.6
Will I get a refund for payments approved under the LWO if my loans were already forgiven underPSLF?No, you will not receive a refund if your loans have already been forgiven through PSLF.Are there employment requirements to apply for the Limited Waiver Opportunity?The Limited Waiver Opportunity did not change the existing employment requirements for PSLF: You must be considered full-time by a government, 501(c)(3) not-for-profit, or other not-forprofit organization that provides a qualifying service at the time payments were made. You can also be considered part-time with at least two separate government, 501(c)(3) not-forprofit, or other not-for-profit organizations that provide a qualifying service for over 30 totalhours per week, at the time payments were made.What if I was previously told that I was ineligible for qualifying payments or forgiveness?You will receive credit for qualifying payments as long as you met the employment requirement at thetime of payment.ABOUT FIDUCIUSWhat is Fiducius?Fiducius is a for-profit benefits provider, offering student loan and education assistance benefits thathelp associates achieve financial wellness. Fiducius uses a unique Student Loan Financial Planningservice to educate associates on the best student loan restructuring option for their situation.Is Fiducius a lender or loan consolidation company?No. We avoid any potential bias and do NOT act as a lender. While our implementation service mayrequire loan consolidation, we are a student loan benefit company providing in-depth financial analysisand implementation support for a range of student loan restructuring options, including PSLF. If you areconsidering refinancing your loans, we partner with qualified third parties.Is Fiducius a part of the Department of Education?No. Fiducius is not affiliated with the Department of Education nor any academic or governmentalentity. Fiducius is a for-profit company. While the technology and services provided by Fiducius could beperformed without paid assistance, they are similar to how more than 60% of Americans hire anaccountant to correctly prepare their taxes and minimize their tax liability.WHO TO CONTACT FOR ASSISTANCEIf you’re having troubles getting started or logging in, email the Fiducius Support Services team [email protected], put “OhioHealth” in the subject line, and provide a brief descriptionof the issue.7
If you have a question about your type of student loan or personal student loan situation, it’srecommended that you set up account (instructions are above in this FAQ document) and complete theinitial online screening so that you can consult with a professional loan advisor to answer yourquestions.If you have a question about the Student Loan Relief benefit and how it works, you can contact the HRResource Center at (614) 533-8888. Fiducius 2022 8
Account (HSA) can lower your monthly student loan payment. In general, every 100 you contribute to a pre-tax benefit will lower your monthly student loan payment by 18-20. Are my student loan payments entered as payroll deductions? No, you are required to make payments directly to the loan servicer. ABOUT PUBLIC SERVICE LOAN FORGIVENESS (PSLF)
