About Savi
Savi is a social impact technology startup in Washington, D.C. working to solve the student debt crisis affecting 46 million borrowers by helping them discover new repayment and loan forgiveness options. Founded by long-time student loan experts and advocates, Savi is a public benefit corporation that works with employers, membership organizations, and financial institutions to provide our service as a unique student loan benefit.
VACo Partners with Savi to Help County Employees Reduce or Eliminate Student Loan Debt
Virginia Impact
With default rates skyrocketing and new repayment plans being ushered in the coming year, there is increased urgency for borrowers to have access to the necessary information to take control of their student loan debt. Through VACo’s partnership with Savi, Virginia county employees can have access to a state of the art tool and loan guidance support, allowing them to take steps to gain clarity in the murkiness of the student debt landscape.
Savi has identified around $34 million in savings for Virginia borrowers. With 1,000,000 borrowers in Virginia and $50.8 billion in outstanding debt, there are even more county employees and residents who could use much needed financial relief and assistance.
Starting January 7, 2026, the Department of Education will begin sending 30-day notices to borrowers in default warning of potential wage garnishment of up to 15 percent of paychecks. Borrowers will have 30 days to request a hearing, pay the balance, or negotiate repayment. Virginia’s current delinquency rate is 23.5 percent, which could put up to 235,000 Virginians at risk without timely intervention.
Savi Solution
In today’s challenging economic climate, financial security feels increasingly out of reach for many professionals, especially those burdened by student loan debt. For county employees, this burden can significantly impact their ability to save for retirement and build a stable future. Fortunately, nearly all county employees qualify for valuable savings and forgiveness through programs like Public Service Loan Forgiveness (PSLF), but navigating these systems can be daunting.
VACo, committed to supporting its county employees’ financial well-being, has strengthened its strategic partnership with Savi, a leading student loan benefits provider. Savi simplifies the process of maximizing savings through federal and state forgiveness programs. Offering tiered service levels, including a free option and deeply discounted comprehensive support for VACo members and their staff, Savi provides crucial clarity and assistance in a landscape of ever-changing student loan policies.
Savi has already identified over $5 billion in savings for its users, with an average yearly savings of $2,244 in student loan payments. This translates to tangible relief for individuals and families. Moreover, while only 2.3% of processed PSLF applications have been accepted since November 2020 1, Savi’s streamlined forms and expert debt navigators boast an impressive 99% application acceptance rate.
Call to Action:
- For County Leaders: To enhance your employee benefits package and foster financial well-being, contact John Nelson, Business Development Representative at Savi, at johnnelson@bysavi.com.
- For County Employees: To access this valuable benefit, please reach out to your organization’s Department Head or Human Resources office.
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- Hanson, Melanie. “Student Loan Forgiveness Statistics” EducationData.org, August 28, 2024, https://educationdata.org/student-loan-forgiveness-statistics
Please join us for this monthly video:
- The Current State of Student Debt and Forgiveness for HR and County Leadership with NACo Edge
- Every first Thursday of the Month at 2 PM EST
- Join Student Loan Debt Forgiveness Expert Tony Raffa as he explains the student debt landscape, policy updates, and how Savi can assist county employees in securing savings and forgiveness.
