Effective July 1, 2023, benefit-eligible employees will have the opportunity to reduce their monthly student loan payment and easily navigate through Public Service Loan Forgiveness (PSLF). Access to this program is brought to Trinity employees through TIAA and powered by Savi. As of December 31, 2021, based on Savi’s internal measurements, Savi users saw average projected savings of $1,800 per year.
How PSLF works:
- Available to full-time government or not-for-profit employees for many Federal Direct Loans
- Must be on a qualifying income-driven repayment plan
- Loan balance is forgiven once 120 qualifying monthly payments have been made (10 years)
- Months spent in pandemic-based forbearance count toward the 120 payments, even if you're not making payments
How Savi works:
- Reduces your payment based on your income and family size
- Frees up funds that you can direct towards other financial goals
- Removes the complexities of forgiveness and puts the process on auto-pilot
Savi not only positions you for student loan forgiveness, with an average of $1,800 in annual student debt savings, but it can also reduce your monthly payment and strengthen your financial footing in the short-term. The individual cost is $60 per employee per year. Trinity University will pay the cost of the first year for benefit-eligible employees. To learn more about Savi, watch this video.
Additional information will be announced prior to July 1, 2023.