If you're feeling overwhelmed by student debt, or simply trying not to think about it, we have a solution for you.
Savi is a tool supported by our retirement savings partner TIAA. Savi helps eligible borrowers to understand their choices, lower their monthly payments and enroll in loan forgiveness. Think of Savi as an advocate – someone who cares as much as you do about finding a good outcome.
UK is an eligible employer for Public Service Loan Forgiveness
The federal Public Service Loan Forgiveness (PSLF) program is designed to reduce the burden of student loan debt for people who work in public service. This program considers the University of Kentucky a public service employer.
This means, as a UK employee, you could become eligible for loan forgiveness.
Simply put, PSLF pairs the immediate relief of an income-driven repayment plan (to make your monthly payments affordable) with the longer-term relief of loan forgiveness. You’ve probably heard some negative press about the difficulties borrowers have faced in attempting to realize the benefits from these programs. That's where Savi comes in.
First, see if you might qualify
Try Savi's free student loan checkup calculator to see if you might qualify for loan forgiveness and lower monthly payments.
Next, decide if you want to pursue loan forgiveness
PSLF is a program specifically for people who work for non-profit, government or public sector employers, which includes the University of Kentucky. If you work for these eligible employers long-term to make 120 monthly on-time payments and have Direct Loans, you may be eligible to have your remaining federal student loan debt forgiven tax-free.
Entering into PSLF or another forgiveness program requires a commitment to see it through to the end. Switching to an income-driven repayment plan (required if you are working towards PSLF) may actually cause your student debt to increase over time, which can be problematic unless you get forgiveness at the end.
If you know you will not be working full time in a non-profit for the 120 months, then forgiveness may not be the right path for you. Individuals may want to consult their personal tax or legal adviser before making any decisions regarding the status of their student loans.
You can pursue loan forgiveness with Savi's help, or for free on your own!
The required paperwork includes verifying your employment.
Pursuing loan forgiveness? Savi Essential can help
If you pursue forgiveness, you may decide to enlist a concierge service to complete and manage the paperwork for the duration of the program. This optional service is called Savi Essential has a $60 annual fee.