Savi/TIAA Student Loan Repayment Tool
Paying off student loans can feel overwhelming, but the light at the end of the tunnel could be getting a little brighter for Iowa State employees. A new benefit option can help employees navigate complex federal and state programs to lower their student loan payments and potentially get some of the debt forgiven.
Savi sorts through more than 150 state and federal assistance options to propose personalized repayment and forgiveness plans based on income, family size, debt amount and employment history. The suggestions can bring significant relief, with users averaging projected savings of about $157 per month in 2019, according to Savi.
The federal Public Service Loan Forgiveness (PSLF) program is one of the most common forgiveness options Savi recommends. PSLF forgives the remaining loan balance of a qualifying government and nonprofit employee who makes 10 years of income-based payments on a federal Direct Loan. At the essential services level, Savi can help borrowers satisfy the intricate PSLF rules that have caused more than 97% of forgiveness applications to be rejected since borrowers first started to be eligible in 2017.
Savi is offered through TIAA and launched June 1. Employees can sign up online any time and don't need to be a TIAA client. For a commitment-free assessment, employees need to supply their social security number, the first page of their most recent tax return and login information for any loan servicing companies they are using.
For more information Employees can call 1-833-604-1226, or email the SAVI team at firstname.lastname@example.org.
Employees can also register for the tool, and then use the chat function within their dashboard to chat with The SAVI team.