Public Service Loan Forgiveness (PSLF)

The Federal Government has a program specifically for people who work for non-profit, government, or public sector employers. If you work for one of these employers, have Direct Loans, and make 120 monthly on-time payments, you may be eligible to have your remaining federal student loan debt forgiven tax-free.

Entering into PSLF or another forgiveness program requires a commitment to see it through to the end. Switching to an income-driven repayment plan (required if you are working towards PSLF) may actually cause your student debt to increase over time, which can be problematic unless you get forgiveness at the end. If you know you will not be working full-time in a non-profit for 120 months, then forgiveness may not be the right path for you. Individuals may want to consult their personal tax or legal adviser before making any decisions regarding the status of their student loans.

TIAA has joined forces with Savi, a social impact technology company, to help you navigate federal student loan programs. Their student loan solution will help you identify eligibility for federal income-driven repayment plans and forgiveness programs designed specifically for people who work at eligible public interest employers, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations. This service is designed to make that process easier if you are eligible and apply.

Savi was started as a social-impact public benefit company. The people behind it are student loan experts, advocates, and borrowers who have been fighting for many years to improve the broken student loan system. Savi realized that the 44+ million student loan borrowers needed better and more personalized information about how to manage and repay their debt. Savi helps people navigate the valuable but complicated federal programs available to people who work in public service. TIAA has a minority ownership interest in Savi.

As of December 31, 2022, based on Savi’s internal measurements, Savi users saw an average projected savings of $1,680 per year.

All State System employees, spouses, and their children may utilize Savi. 

Savi Essential takes the stress out of filing. For $60 per calendar year, borrowers receive customized one-on-one support from Savi’s student loan experts and Savi will administer all of the paperwork, employment certification and e-filing on the borrower’s behalf.

• Digitally prefill all forms and check them prior to submission
• Submit and track applications and forms on the borrower’s behalf
• Provide ongoing application monitoring and reminders to ensure the borrower crosses the forgiveness finish line
• Track the accrual of PSLF credits throughout the process to prevent surprises at the end of the repayment period
• Get annual enrollment reminders and updates on new programs and policy changes

Borrowers who enroll in the Savi Essential service save, on average, twice the amount of the annual fee in a single month under an income-driven repayment plan and report more than a 98% success rate when submitting paperwork for the Public Service Loan Forgiveness program. Experts keep things on track and help through the entire process.

Go to TIAA.org/passhe/student and follow the path to explore the federal forgiveness options. Three things needed to get started with Savi effectively:

1. 1. The borrower’s social security number (format: 123-45-6789)
   2. The first page of your most recent tax transcript* or tax return

      *A tax transcript is a summary of your recent tax filings that can be requested from the IRS (Internal Revenue Service). Each transcript includes important information for applying to new student loan repayment plans, such as your filing status, adjusted gross income (AGI), wages, and more. You can request a copy of a tax transcript in about 5 minutes by visiting https://www.irs.gov/individuals/get-transcript

   3. Logins to any loan servicers (e.g., Navient, Nelnet, Great Lakes)

Login information includes username or email, password, and anything else required to log into the borrower’s student loan servicer’s website. The student loan servicer website is where the borrower makes payments on their student loans. This information will be used to import the borrower’s student loan details into Savi during the account setup process.

PSLF is necessarily paired with an income-driven repayment plan. These are repayment plans that consider your income, student debt, and personal situation and may result in lower monthly payments. The plans that qualify you for PSLF include IBR, ICR, PAYE, and REPAYE. The Standard repayment plan technically qualifies as well, but since this plan spans only 10 years, you wouldn’t have any balance left to forgive after 120 qualifying monthly payments.

Student debt incurred on behalf of children (Parent PLUS loans) may qualify for relief. The loans may first need to be consolidated into Direct Consolidation loans; the tool will help steer in the right direction.

To be eligible for forgiveness, the borrower must be a full-time employee of an eligible public interest employer, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations. The Pennsylvania State System of Higher Education and its universities are considered a qualifying employer.

The borrower will need to recertify their income annually, but if their income decreases at any point OR they added a dependent (or even become pregnant), they can submit IDR paperwork to have their payment recalculated immediately to try to lower their monthly payments.

No. Once registered on Savi's website, a user can try the free tool first, and decide later if they would like to take advantage of the optional administrative services available in Savi Essential. Each year, the user will be asked if they want to continue with the Savi Essential service and pay the annual fee or not.

Attend a webinar and you’ll see how Savi can help you get started with finding your best repayment plan and forgiveness options and hear about the latest Department of Education policy updates. Register today at www.TIAA.org/passhe/student

If you have questions, you can click on contact support within your application on Savi’s site or call 1-833-945-0654 weekdays between 9:00 a.m. – 8:00 p.m. (ET).