What is this new student loan service?

TIAA has joined forces with Savi, a best-in-class service to help navigate the federal student loan repayment system. You may be eligible for federal student loan income- based repayment plans and forgiveness programs designed specifically for people who work at eligible public interest employers, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations.

This service is designed to make that process easier if you are eligible and applying.

Who is Savi?

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. We realized that the 44+ million borrowers¹ needed better and more personalized information about how to manage and repay their student debt. Savi helps you take advantage of valuable federal programs like income- based repayment or loan forgiveness, which can be complicated and have been underutilized as a result.

How can Savi help me?

On average, Savi customers find more than $1,500 a year in savings.² Savi offers two tiers of service—the Student Loan Checkup online tool, where you can enter your personal information to assess your repayment options and potential savings; and the Savi Essential Service, a broad service that can help you track payments toward forgiveness, get convenient e-filing, reminders and more.

Is there a fee to use Savi?

You can use the Savi site and online Student Loan Checkup tool for free. Once you get educated about your options and see your potential savings, you can choose to apply for the programs yourself. If you decide you'd like help enrolling, the Savi Essential Service is a fee-based service offering additional support. A portion of the fee may be shared with TIAA to offset costs to support the program.

Is Savi just for my student debt, or can I take advantage of it for student loans I've taken out for my children?

Student debt you've incurred on behalf of children may qualify for relief.

What is Public Service Loan Forgiveness?

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 debt forgiven tax free.

How likely is it that my employment qualifies for loan forgiveness?

To be eligible for forgiveness, you have to be a full-time employee of an eligible public interest employer, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations.

How do you use the Student Loan Checkup?

You supply your personal data to Savi, and its unique algorithm will determine possible student loan repayment options and forgiveness programs for which you may be eligible. You choose what's best for your situation. The first step is typically to enroll in an income- based repayment plan and then have your employer certify your employment.

What does the Savi Essential Service include?

If you decide you want help enrolling in a loan forgiveness program or income-based repayment plan through this service, you'll get step-by-step support to help you qualify and avoid costly mistakes. You'll be able to enroll digitally so you don't have to worry about filling out paper forms. Savi also provides ongoing phone or chat support and enrollment reminders to assist you.

Do I need to register to access Savi?

First-time users will need to register with Savi. A secure account will be set up for you, and you'll receive a confirmation email.

Where do I go to log in to my account?

You can log in to your account by clicking the log-in button at the top right corner of your screen. You can also refer to the link in the confirmation email you received upon registering for your account.

What information do I need to get started?

We recommend having a recent tax return and student loan statement available. When you are using the Savi Checkup tool, you will be asked to enter your personal and income tax information, and it will link to your student loan information from your student loan servicer.

How can I learn more?

If you have questions, you can click on the Help button to chat with online support, email partners+urichmond@bysavi.com, or call 1-833-604-1226 weekdays between 8:30 a.m. - 8 p.m. (ET).
Individuals may want to consult their personal tax or legal adviser before making any decisions regarding the status of their student loans.
¹ Source: New York Fed Consumer Credit Panel/Equifax.
² Between January 1, 2019 and December 31, 2019, based on Savi’s internal measurements, Savi users saw average projected savings of $1,880 per year.