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Student Loan Debt (Savi)

The New School offers faculty, staff, and their families access to Savi, TIAA's new online tool and student loan solution, that can make a significant difference in student debt and overall financial wellness.


Overview

Eligible employees can take advantage of a tool that helps them find the best federal repayment and forgiveness programs for their financial situation and simplifies the long-term task of navigating their way to Public Service Loan Forgiveness (PSLF).

  • Caps payment on the basis of income and family size
  • Frees up funds that can be directed toward other financial goals
  • Removes the complexities of forgiveness

See the below attachments for additional information.


Eligibility for Public Service Loan Forgiveness (PSLF)

  1. Full-time government or not-for-profit employees working 30 or more hours per week.
  2. Must have federal student loans through the Direct Loan program of the U.S. Department of Education.
    1. You may also qualify if you consolidate your federal student loans to a Direct Loan - Savi will guide you through the process.
  3. Participants must enroll or be enrolled in a qualifying income-driven repayment (IDR) plan, which bases your payment on your income, debt amount, dependents and other criteria.
  4. Complete 10 years of monthly on-time payments (120 in total) in the IDR, though not necessarily consecutive or with the same employer.
    1. Payments before you switched to an IDR may also count toward forgiveness.
    2. Months spent in pandemic-based forbearance count toward the 120 payments, even for those not making payments.

Enrolling in PSLF with Savi

Savi streamlines the PSLF process, from helping you enroll in forgiveness programs to ongoing support and payment tracking, and ensuring you remain on track from start to forgiveness. Here's a snapshot of what will happen after payment of a small fee.

1. First, enroll in Savi Essential Service.

2. Next, provide your basic information. From there, Savi handles the rest! Savi will verify your information with HR, check your forgiveness application for accuracy, send information to your loan servicer and complete your submission.

4. You will receive reminders from Savi about ongoing tasks you may need to complete afterward, such as an annual submission to the PSLF program, in order to stay in compliance with the requirements of the forgiveness program.

Visit TIAA.org/newschool/student to begin calculating your savings. If you have questions, you can chat with online support in Savi’s site, email partners+tiaa@bysavi.com, or call 1-833-604-1226 weekdays between 7:30a.m. – 7:00p.m. (CT).


SAVI Webinars

Savi hosts monthly webinars to inform and educate borrowers on student loan solutions. Visit their Youtube channel to view prior seminars on-demand. The below video provides an overview of Savi's program and offerings.

View the video in a separate window.


Return to Benefits - Overview.

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