For many municipal employees in Massachusetts, from recent graduates to mid-career professionals, one of the biggest financial headaches is managing and paying back student loans as the cost of living continues to rise. The good news is that many local government workers may qualify for federal student loan forgiveness programs.

The MMA has partnered with Savi to help member communities and their employees navigate the complexity of repayment and forgiveness programs.

Savi is a social impact technology company dedicated to tackling the student debt crisis affecting more than 46 million borrowers nationwide. Founded by experienced loan advocates, Savi works with employers and membership organizations to identify opportunities to significantly reduce or even erase student loan balances.

By streamlining applications and being an advocate for the borrower throughout the process, Savi has been able to find a 99.7% acceptance rate for Public Service Loan Forgiveness, versus the 2.3% rate that borrowers face on their own. Savi’s platform has identified nearly $5 billion in projected loan forgiveness and has helped borrowers lower their monthly payments by an average of $187.

MMA member communities and municipal employees will have access to three levels of service, including a no-cost option and discounted premium plans. With hands-on service and a library of educational tools, municipal employees can enhance their financial security and feel comfortable staying at a job they love.

“We’re excited to partner with the MMA and the communities it represents,” said Aaron Smith, Savi’s cofounder. “Student loan forgiveness can be a powerful recruitment and retention tool for municipalities. Our platform streamlines the process for employees and HR teams alike, making it simple to apply, track progress, and see the impact.”

MMA members can explore this new benefit to learn how it works, read borrower success stories, and review answers to common questions.

For more information on offering this service to your city and town employees, email [email protected].