Colby College and TIAA have teamed up with Savi, a social impact company founded by long-term student loan experts and advocates that can help reduce monthly student loan payments through federal loan forgiveness. Employees and family members now have access to a robust solution that helps to find the best federal repayment and forgiveness programs for your financial situation.
The Savi tool can help strengthen your financial footing in the short term, but it also positions you for student loan forgiveness.
- Caps your payment based on your income and family size
- Frees up funds to direct towards other financial goals
- Removes the complexities of forgiveness and puts the process on autopilot
To see how easy it is to use Savi, how it works to reduce your montly payment, and how to get started–attend a 30-minute webinar.
Who is Eligible?
The PSLF program requirements are summarized below. Eligibility is based on these and several other factors, including income, debt amount, number of dependents and other personal information. Even if your income is high, you may still be eligible. In less than 20 minutes, Savi can help determine your eligibility and assist in the enrollment process.
Employment in public service
You must work full time for a 501(c)3 not-for-profit, government organization or another select not-for-profit for each month you hope to count towards your 120 qualifying payments (Colby qualifies).
Loans through the federal Direct Loan Program
You must have a federal student loan issued 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.
Enrollment in an income-driven repayment (IDR) plan
You must enroll in an IDR, which bases your payment on your income, debt amount, dependents and other criteria.
10 years of monthly payments
You have to make 120 on-time monthly payments in the IDR, though not necessarily consecutive or with the same employer. Payments before you switched to an IDR may also count toward forgiveness.
For additional information, check out the Savi Quick Start Guide.
First, you will need to provide your income and monthly payment to see your estimated savings instantly. From there, you can finish the online application and enroll. Be sure to have these items handy:
- Social Security number
- Most recent tax return or tax transcript
- Student loan information
There are two options for providing student loan specifics
- Provide your login information for your student loan servicer (e.g., Navient, Nelnet, Great Lakes, etc.). This will allow Savi’s calculator to use the most up-to-date information.Note: the calculator meets TIAA’s high security standards to keep your information safe but it also streamlines things for you.
- Or you can simply enter the information.
To calculate your savings, visit TIAA.org/colby/student.