Savi & TIAA: Smart Solutions for Student Loans
Student Loan Benefit
A Financial Strain on Employees:
Student debt impacts employees across roles, ages, and income levels – more than 46 million Americans carry loans, with an average balance of $37,000. From recent graduates to experienced professionals, borrowers face a complex and constantly shifting repayment system that can stand in the way of both financial wellness and long-term goals like retirement.
Public Service Employers Are Uniquely Positioned to Help
TIAA plan sponsors are likely eligible employers for Public Service Loan Forgiveness (PSLF), a powerful federal program that can erase remaining student debt after 10 years of qualifying payments. But navigating the program’s rules and paperwork can be overwhelming. That’s where Savi comes in.
OUR SOLUTION
Through Savi’s partnership with TIAA, Savi provides a student loan guidance solution that helps employees unlock savings and get on track for forgiveness. The tool simplifies the PSLF process, reduces the risk of paperwork errors or missed deadlines, and can help eligible borrowers save an average of $187/month on their student loan payments.
Reducing student debt doesn’t just ease monthly budgets – it also supports stronger retirement outcomes. According to the Center for Retirement Research, student loan borrowers contribute less than half as much to retirement accounts compared to non-borrowers of the same age. By eliminating one of the biggest obstacles to financial security, Savi helps employers support the full financial wellness picture.
Savi helps employees take control of their student loans by reducing monthly payments and maximizing forgiveness through programs like PSLF. The savings can then be redirected toward goals like retirement, supporting a stronger financial future.
Premium Guidance
Individualized Support
Employees receive one-on-one guidance from Savi’s student loan experts to navigate complex repayment and forgiveness options.
Digitized Applications
Savi streamlines and submits paperwork for federal income-driven repayment plans and Public Service Loan Forgiveness (PSLF), reducing workload and error risk.
Comprehensive Review
A full evaluation of each borrower’s student loan situation to identify the most effective strategies for repayment and long-term savings.
Features
- Student Loan Dashboard: A simple, secure dashboard that displays all federal and private student loans in one place.
- Eligibility Assessment: An interactive tool that evaluates potential eligibility for federal or state repayment and forgiveness programs.
- Repayment Calculator: Easily explore how income-driven repayment plans could reduce monthly payments and maximize long-term savings.
- Ongoing Education & Communication: Timely emails guide users through the process, offer policy updates, and invite them to expert-led webinars.
- Support When It's Needed: Access to support via phone, email, and chat for help navigating the platform and answering student loan questions.
*Starting at $74/calendar year
