Americans struggling with student loan debt can now turn to a free service that can help them find programs to reduce their monthly payments or qualify for loan forgiveness. United Way Worldwide has partnered with an organization called Savi, which provides a free platform that analyzes individuals’ financial information to determine if they are eligible for any of the various loan relief and payment reduction plans available.
Savi confirmed that its program is free to everyone across the U.S., regardless of income or student loan debt amount. Since the resumption of student loan repayments in October 2022, Savi has helped users reduce their monthly payments by an average of $156. The service has also helped users find an average of $38,980 in lifetime savings through various options, such as income-based repayment plans.
One of the programs that Savi can assist with is the SAVE plan, which offers borrowers lower payments and a quicker path to student loan forgiveness. However, the SAVE program has faced legal challenges from Republican-led states, including Texas. Despite these lawsuits, the Biden administration has pointed out that Texas has the highest number of student loan borrowers who have been helped by the program and the highest amount of forgiven debt. It is likely that there will be further court action on the SAVE program and other Biden forgiveness programs for student loans.
