Public Service Loan Forgiveness (PSLF) is a federal program designed to reduce the burden of student loan debt for people who work in public service. Saint Louis University is considered a public service employer for the purposes of these programs.
PSLF pairs the immediate relief of an income-driven repayment plan (to make your monthly payments affordable) with the longer-term relief of loan forgiveness.
Savi: A Student Loan Solution from TIAA
Saint Louis University and TIAA have joined forces with Savi, a social impact technology company, to help SLU employees benefit from Public Service Loan Forgiveness programs.
Savi helps eligible borrowers to understand their choices, lower their monthly payments, and enroll in a forgiveness program. 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.
Try the free calculator today to see if you might qualify.
If you pursue Public Service Loan Forgiveness, you may decide to enlist a concierge service to complete and manage the paperwork for the duration of the program. The annual fee for this optional service is $60.* For many people, that works out to half the monthly savings they’ll see in the new income-driven repayment plan.
*A portion of the fee may be shared with TIAA to offset costs to support the program. In addition, TIAA has a minority ownership interest in Savi.