As federal student loan interest accrual resumes on Sept. 1 and payments begin in October, it’s a good time to revisit options for loan consolidation and forgiveness — and Pitt has a free program to help faculty and staff do so.
In partnership with TIAA and public benefit company Savi, the University launched a student loan assistance program in 2020 to assist employees as they navigate repayment plans and federal student loan programs, such as the Public Service Loan Forgiveness (PSLF) — a federal program for people who work in public service or for a nonprofit organization. More than 1,140 Pitt employees have used the service so far, saving an average of $117 per month.
This includes Adam Winner, who works in the Office of Admissions and Financial Aid and was able to get $110,000 in student loans completely forgiven through PSLF. Employment at Pitt qualified him for the program.
“I’m less stressed about having a better rainy day fund without these monthly payments and debts,” Winner said.
When you sit down with a Savi representative, you’ll get a free assessment to help comb through the more than 150 state and federal forgiveness programs to find repayment plans that could help reduce monthly payments.
Savi, Winner said, was particularly useful in helping him clear annual PSLF paperwork requirements.
— Donovan Harrell, photography by Aimee Obidzinski