Who is a member?
Our members are the local governments of Massachusetts and their elected and appointed leadership.
The MMA hosted a webinar yesterday with Savi, a national social impact technology company, to discuss student loan debt solutions.
Savi partners with municipalities and other government agencies to help employees find savings and forgiveness on their student debt. The MMA is a partner with Savi.
Many borrowers struggle to find the right forgiveness or savings programs. Savi provides guidance and support for complex processes, such as the Public Service Loan Forgiveness Program (PSLF), which is designed to forgive the remaining balance on eligible federal student loans for borrowers after they make 120 qualifying payments.
Over the past five years, only 2.3% of PSLF applications have been accepted, while Savi boasts a success rate of 98%.
Tony Raffa, Savi’s director of business development strategy, explained that Savi was “built out of frustration with the tools that are out there.”
“It can be confusing to do on your own, so we wanted to build a tool that makes it really easy — lets you sync your loans, understand all those loans, and get help from a customer support representative,” Raffa said.
Savi provides a free, customized microsite for each employee with student loan debt, allowing them to navigate programs and gain a detailed understanding of their debt.
Raffa presented a live tutorial to demonstrate how employees can access detailed student loan information, reduce monthly payments, and find forgiveness options.
Raffa moderated 20 minutes of questions and answers, addressing inquiries about parent PLUS loans, qualifying payments, and being in forbearance on the SAVE program.