NEA Member Benefits launched their new Student Loan Forgiveness Navigation tool (AKA “Savi”). Savi is a free online student loan evaluation tool to determine eligibility for federal repayment and forgiveness programs. After entering basic personal information, tax information, and employment information, Savi can sync a member’s loans and check them against free federal repayment and forgiveness programs.
Depending on your income, there are several repayment plans to help make repaying your loans more affordable as your monthly student loan payment is set at an amount that is intended to be affordable based on income and family size. Additionally, some or all of the entire loan could be forgiven in exchange for the individual performing certain types of service such as teaching or performing public service.
Savi will identify which repayment plans and which forgiveness options a member is eligible for and provide information for the member to compare options as well as outlining the steps to pursue a particular option. The average user finds over $1,500/year in new savings! Optionally, for just $29.85 a year, Savi will continue to track progress towards forgiveness and even provide the required Department of Education forms completed and filed electronically. Last year more than 42,000 applications for forgiveness were submitted to the Department of Education, yet less than 300 were approved—often due to some simple typo and format error. Savi can reduce those errors and the processing time of an application.
To learn more, go to www.nea mb.com/products/nea-student-loan-forgiveness-navigator or call the NEA Member Benefits Member Service Center at 800-637-4636 Monday–Friday 8:00 a.m.–8:00 p.m. or Saturdays from 9:00 a.m.–1:00 p.m.
This program will also be presented at NEOEA’s Summer Leadership (neoea.org/SLC).