Dealing with student debt? WashU and TIAA want to help employees manage their federal student debt as well as their goals with the Public Service Loan Forgiveness (PSLF) program. This federal program is designed to reduce the burden of student loan debt for people who work in public service. The PSLF pairs the immediate relief of an income-driven repayment plan (to make your monthly payments affordable) with the long-term relief of loan forgiveness. You may have heard negative press about difficulties of the program but now there’s a solution that could help you.
TIAA has joined forces with Savi, a social impact technology company, to help WashU employees benefit from forgiveness programs like PSLF. The service helps eligible borrowers to understand their choices, lower their monthly payments, and enroll in a forgiveness program. You can think of them as an advocate – someone who cares as much as you do about finding a good outcome.
Savi can also help you interpret how COVID-19 related relief may impact you and your payment plans. On average, eligible borrowers are seeing around $1,700 in savings per year1 by lowering their monthly payments. Money saved is money in your pocket to use for other financial goals, whether it’s building up an emergency fund, saving more for retirement, or paying off other debts.
Try the free calculator today to see if you might qualify.
CALCULATE MY SAVINGS
If you pursue PSLF, you may decide to enlist in the essential service to complete and manage the paperwork for the duration of the program. The annual fee for this optional service is $60 for the first year and $75 annually thereafter — around the cost of a latte per month. For many people, that works out to half the monthly savings they’ll see in the new income-driven repayment plan. Join an online webinar to find out how you can explore lowering your student loan payments and working towards forgiveness.
Questions? Contact Savi at email: email@example.com, or call 833-604-1226 weekdays between 7:30 a.m. – 7 p.m.