Student Loan Debt (Savi)
The New School offers faculty, staff, and their families access to Savi, a student loan solution by TIAA, a new online tool 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.
Savi Flyer
Savi Quick Start Guide
Savi FAQ
Eligibility for Public Service Loan Forgiveness (PSLF)
Full-time government or not-for-profit employees working 30 or more hours per week.
Must have federal student loans through the Direct Loan program of the U.S. Department of Education.
You may also qualify if you consolidate your federal student loans to a Direct Loan - Savi will guide you through the process.
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.
Complete 10 years of monthly on-time payments (120 in total) in the IDR, though not necessarily consecutive or with the same employer.
Payments before you switched to an IDR may also count toward forgiveness.
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 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 you need to enroll in Savi Essential Service.
2. Next, provide your basic information. From there, Savi handles the rest—from checking your forgiveness application for accuracy and completion all the way to submission.
3. After some verifications with us, which Savi handles, everything is sent to your loan servicer.
4. You receive reminders from Savi about ongoing tasks you may need to complete afterward, like 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).
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RELATED LINKS
Benefits - Overview - summary of available university benefits