Savi
Florida State University, through a partnership with Savi, is proud to provide FSU employees and their immediate families with assistance in navigating student loan repayment plans, including the Public Service Loan Forgiveness (PSLF) program.
FSU employees and their immediate family members who enroll in the Savi Essential Service have access to a robust solution that helps participants find the best federal repayment and forgiveness program. The average participant with Savi saves an average of $140 a month in student loan payments, helping them save money and reduce the financial burden on loan payments.
Savi’s Essential Service is designed to take the stress out of navigating complex federal programs. By enrolling in the Savi Essential Service for $70 per year, Savi will administer all appropriate paperwork and employer certification with FSU HR and handle e-filing.
Additional benefits of using Savi’s Essential Service include:
- Digitally prefill all forms and check them before submission
- Submit and track applications and forms on your behalf
- Provide ongoing application monitoring and reminders to ensure you cross the forgiveness finish line
- Track the accrual of PSLF credits throughout the process to prevent surprises at the end of the repayment period
- Get annual enrollment reminders and updates on new programs and policy changes
Enrollment is accessible through the Savi website.
Interested in more information from Savi? Savi offers workshops and webinars designed to help employees navigate the public student loan repayment process and forgiveness programs and answer questions. Sign up using the Savi Eventbrite webpage.
Need assistance? Contact Savi at 1-833-945-0654. Savi Support is available weekdays between 8:30 am and 8:00 pm (ET).
Frequently Asked Questions
The Federal Government has a program specifically for people who work for nonprofit, government, or public sector employers. If you work for one of these employers, have Direct Loans, and make 120 monthly on-time payments, 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. Switching to an income-driven repayment plan (required if you are working towards PSLF) may cause your student debt to increase over time, which can be problematic unless you get forgiveness. If you know you will not be working full-time in a nonprofit for 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.
Savi was started as a social-impact public benefit company. The people behind it are student loan experts, advocates, and borrowers who have been fighting for many years to improve the broken student loan system. Savi realized that the 44+ million student loan borrowers needed better and more personalized information about managing and repaying their debt. Savi helps people navigate the valuable but complicated federal programs available to people who work in public service.
Savi users saw average projected savings of $1,680 per year and an average projected forgiveness of $40,000 per borrower. There are two service tiers available to borrowers.
- A free calculator to assess their situation and get guidance on the best options available.
- For $70 per calendar year, you can enroll in Savi’s Essential service. Savi will administer the program’s ongoing paperwork requirements, including annual re-enrollment, employer certifications, and filing for PSLF credits with the Department of Education. This service helps borrowers avoid common and not-so-common errors and comply with exacting rules.
You’ll need three things to use Savi effectively:
- Your social security number (format: 123-45-6789)
- The first page of your most recent tax transcript or tax return
- A tax transcript summarizes your recent tax filings that can be requested from the IRS (Internal Revenue Service). Each transcript includes important information for applying to new student loan repayment plans, such as your filing status, adjusted gross income (AGI), wages, etc. You can request a copy of a tax transcript in about 5 minutes by visiting https://www.irs.gov/individuals/get-transcript.
- A tax transcript summarizes your recent tax filings that can be requested from the IRS (Internal Revenue Service). Each transcript includes important information for applying to new student loan repayment plans, such as your filing status, adjusted gross income (AGI), wages, etc. You can request a copy of a tax transcript in about 5 minutes by visiting https://www.irs.gov/individuals/get-transcript.
- Logins to any loan servicer(s)
- Your login information includes username or email, password, and anything else required to log into your student loan servicer’s website. Your student loan servicer website is where you go to make payments on your student loans. This information will be used to import your student loan details into Savi during the account setup process.
PSLF is paired with an income-driven repayment plan. These repayment plans consider your income, student debt, and personal situation and may result in lower monthly payments. The plans that qualify you for PSLF include IBR, ICR, PAYE, and REPAYE. The Standard repayment plan technically qualifies as well, but since this plan spans only 10 years, you wouldn’t have any balance left to forgive after 120 qualifying monthly payments.
Student debt you've incurred on behalf of children (Parent PLUS loans) may qualify for relief. You may need to first consolidate them to Direct Consolidation loans; the tool will help steer you in the right direction.
You need to recertify your income annually, but if your income decreases at any point OR you add a dependent (or even become pregnant), you can submit IDR paperwork to have your payment recalculated immediately to try to lower your monthly payments.
No. Once you're a registered user on Savi's website, you can try out the free tool and decide later if you'd like to take advantage of the optional administrative services available in Savi Essential. You will be asked each year if you want to continue with the service and pay the annual fee.