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K-State Today

May 25, 2022

Reminder: New student loan debt tool available to K-State employees

Submitted by Jason Talbert

Kansas State University employees may qualify for federal student loan debt forgiveness under the Public Service Loan Forgiveness program. K-State has partnered with Savi to help employees reduce their student loan payments and smooth their path to secure loan forgiveness.

Since its launch on April 1, Savi has helped manage more than $3.1 million in debt with more than $1.4 million in projected forgiveness on behalf of more than 120 K-State employees. While only 2.16% of Public Service Loan Forgiveness applications have been approved nationwide, Savi can help.

There are many reasons why the number of rejected applications is staggering, including participants who are not in income-driven repayment plans, past refinancing of debt, unsavory lending practices and countless other reasons. The Public Service Loan Forgiveness application process alone can be frustrating and is often fraught with bureaucracy and red tape.

With many types of payments poised to resume later in 2022 and with budgets being stretched increasingly tighter, now is the perfect time to explore. Whether you are strengthening your financial footing, finding the best federal repayment program for your individual situation, positioning yourself for student loan forgiveness, or seeking significant student debt savings, Savi may be able to help by capping your payment based on income and family size, freeing up money for other financial goals and removing the complexities of forgiveness and putting the Public Service Loan Forgiveness process on autopilot for a small fee.

To get started, visit TIAA.org/kbor/student to calculate your savings or visit the Human Capital Services website for additional details and an interactive FAQ. Please reach out to your Benefits Team at benefits@k-state.edu for any assistance or support.