YourRFBenefits
College Savings / Loan Forgiveness

College Savings Program

 

Any RF employee enrolled in payroll direct deposit can open a tuition savings account for a specified beneficiary such as their child, grandchild, other relative or friend - or even yourself.

 

Contributions to the account are invested according to the investment options selected by you, the employee (account owner). The account owner can withdraw money without penalty to pay for the qualified higher education expenses of the beneficiary.

 

The first $5,000 which is invested each year for a future college student will be deductible from New York State gross income when the employee files his or her state income tax return.

 

A married couple filing a joint return may deduct up to $10,000 per year. Investment earnings will not be taxed by the state government as long as the money withdrawn is used for qualified higher education expenses.

 

Withdrawals used by the beneficiary for qualified higher education expenses are not subject to federal or New York State income taxes.

 

Enroll

Enroll in your Campus Direct Deposit Program (check with your campus benefits office to determine if you are qualified for this program).

  • Complete a College Savings Program “Enrollment Form and Tuition Savings Agreement.”
  • Complete a College Savings Program “Authorization for Automatic Payroll Deduction.”
  • Submit signed and completed forms to your campus payroll office.

 

Contact your campus Benefits Office for the required forms and enrollment kit or visit the  New York College Savings Program Web site.

 

Payroll Deductions

Your payroll deductions for the College Savings Program will begin the second payroll period after the RF payroll office receives your forms.

 

 

Student Loan Forgiveness Program

 

Another significant advantage in employment with the RF is that we are a qualifying employer in the federal Public Service Loan Forgiveness (PSLF) Program.

 

What this means to you is that you may qualify to have the remainder of your student loan balance forgiven in its entirety if you meet ALL of the following conditions:

 

·        Your loan qualifies for the PSLF program (check with your loan provider)

·        You enroll for the program as a full time RF employee

·        After your enrollment, you make 120 payments while employed full time with a qualifying employer (like the RF)

o   The 120 payments do not have to be consecutive

o   Only the balance after 120 payments have been made will be forgiven

 

This could save you thousands of dollars!

 

Read more about the program on this fact sheet. Additional information can be found on the program Web site.

 

 

 


 

College Savings Program

   
 

 

Contact your campus benefits office for more information.

 
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