The path to reducing your monthly student loan payments and working toward loan forgiveness could be getting much easier. Amherst College is pleased to offer a robust solution that helps find the best federal repayment and forgiveness programs for your financial situation.
We are pleased to be working with TIAA, who has teamed up with Savi, a public benefit corporation. Savi has identified more than $200 million in projected student loan forgiveness and is working to help eligible borrowers tackle what’s needed to achieve forgiveness. The Public Service Loan Forgiveness (PSLF) waiver program includes complex rules, procedures and forms to enroll in the program. Savi offers special services to help you navigate the PSLF waiver program.
Specifically, Savi can help you strengthen your financial footing in the short-term, it also positions you for student loan forgiveness:
- Determines if your loan(s) qualify for forgiveness
- Reduces your payment based on your income and family size
- Frees up funds that you can direct towards other financial goals
- Savi also offers an optional service for an annual fee of $60 where Savi will track and automatically submit the required paperwork
Student debt relief is easier with TIAA and Savi
As an employee of Amherst College you and your family members have access to a financial wellness benefit, brought to you by TIAA and provided by Savi, that helps you navigate the complexities of the Public Student Loan Forgiveness ( PSFL) program. Savi provides a free assessment to help you find the best repayment plans to reduce your monthly payments and search more than 150 state and federal forgiveness programs based on your financial situation. For $60 per year, you can enroll in Savi’s Essential service. Savi will administer the program’s ongoing paperwork requirements including annual reenrollment, employer certifications, and filing for PSLF credits on your behalf.
Are you ready for student loan payments to resume?
Four important steps to take before your student loan payments resume.
If you currently have federal student loan debt to repay, you’ve been fortunate to have your payments and interest accrual paused for more than three years as a result of COVID-19 emergency relief. The most recent extension of the loan pause is ending soon and payment on student loans will be due in October 2023. Here are four important steps to take BEFORE payments resume.
- Know your current loan servicer and have an active account and login.
Many borrowers with federal student loans may have had their servicer change during the payment pause. It’s important to make sure you know who your loan servicer is and have access to your online servicer account. You can find out the name of your current loan servicer on StudentAid.gov on your account dashboard. If your loan has transferred to a new servicer, be sure to register and create a new account as soon as possible.
- Update your contact information.
Under the terms of the student loan promissory notes, you are legally responsible to keep your contact information current so that both the Department of Education and your loan servicer can reach you. This includes your email and mailing address, as well as your phone number. You can update your contact information through your loan servicer. Once the payment pause ends, be on the lookout for a billing statement that includes your payment due date, payment amount and upcoming interest from your loan servicer. If you don’t receive a statement, it could be an indication that your servicer does not have your
most recent contact information.
- Understand your loan repayment options.
Your financial situation may have changed during COVID-19 and there may be a better repayment plan available for your current situation. You may be eligible for a lower monthly payment through an Income-Driven Repayment plan (IDR). IDR plans are designed to reduce your monthly payment amount based on your loan type(s), income, and family situation. When paired with the Public Student Loan Forgiveness (PSLF) program, you could be eligible to eliminate your remaining loan balance after making 120 qualifying payments on an IDR plan.
- Get on track for loan forgiveness
Whether or not you currently participate in the PSLF program, now is the time to confirm your eligibility and apply before payments resume. Time during the payment pause counts towards Public Service Loan Forgiveness and eligible borrowers have the potential to receive over 40 FREE PSLF credits toward the 120 needed to achieve full forgiveness of their eligible loan balance. Borrowers should make sure they have completed an Employer Certification Form (ECF) for their employment during the payment pause to receive the PSLF credits.
To learn more about what you can do to prepare, register for a webinar with the student loan experts at Savi.