Managing student debt? Enroll in a Public Service Loan Forgiveness plan.
Are you aware of the Department of Education’s Public Student Loan Forgiveness (PSLF), for individuals with federal loans who work for qualifying public service organizations or government employers? This valuable program offers borrowers a way to reduce monthly loan bills, with total loan forgiveness after making 120 months of eligible payments.
Santa Clara University wants to help eligible employees with student debt take advantage of this money-saving program. And because we are considered a “public service organization” under the rules of the PSLF, you qualify for the loan forgiveness program as an SCU employee.
TIAA has teamed up with Savi to help you access student loan forgiveness.
TIAA understands that student debt is a tremendous source of stress for many people. Founded by long-time student loan experts and advocates, Savi is a public benefit corporation that has identified more than $200 million in projected student loan forgiveness and is working to help eligible borrowers tackle what’s need to achieve forgiveness. Through Savi, you can lower your student loan payments and get on track for student loan forgiveness - so you can save for your financial goals, like retirement.
Is there a cost?
Savi offers a special service, called Savi Essential, which can help you navigate the complex rules and procedures of the PSLF program making it easier to stay on track for loan forgiveness. Also, if you choose the Savi Essential option, SCU will pay the $60 annual fee for the first year! Just use your @scu.edu email address at enrollment. Specifically, Savi will:
- Determine if your loan(s) qualify for forgiveness
- Identify the best repayment method for your loan and your estimated monthly payment
- Estimate how much money will be forgiven and when
- Consolidate your loan(s), if needed, to conform with the PSLF Limited Waiver requirements.
- Generate any required forms, help you complete them, check them prior to submission and then submit them on your behalf
- Monitor your submitted applications and forms with loan servicers and your employer
- Track your PSLF credits once you start making loan payments under the program.
- Update you on any policy changes
Don’t wait! Get started with Savi today.
Getting started is easy. Just visit TIAA.org/santaclara/student
Be sure you have the following personal and loan information handy so that Savi can determine your eligibility:
- Annual salary
- # of dependents
- Loan servicer(s) and log-in information