Financial wellness benefit offers UK employees support with student loan repayments
LEXINGTON, Ky. (Aug. 15, 2023) — After a three-year pause, payments and interest accrual for student loans are set to resume in September. UK employees can turn to a financial wellness benefit called Savi for help with repayment plans and Public Service Loan Forgiveness.
An employee’s financial situation may have changed since payments and interest accrual were paused. Employees may be eligible for a lower monthly payment through an income-driven repayment plan. Many UK employees may also qualify for Public Service Loan Forgiveness, which pairs the near-term relief of an income-driven repayment plan with long-term relief of debt forgiveness.
UK employees and their family members have access to Savi, available through TIAA, which can help navigate these programs.
Savi provides a free assessment to help find the best repayment plans to reduce monthly payments. For $60 per year, employees can upgrade to Savi Essential. With that service, Savi will administer ongoing paperwork requirements and file for Public Service Loan Forgiveness credits on the employee’s behalf.
Learn more about Savi and register for an upcoming webinar at www.TIAA.org/uk/student.
As the state’s flagship, land-grant institution, the University of Kentucky exists to advance the Commonwealth. We do that by preparing the next generation of leaders — placing students at the heart of everything we do — and transforming the lives of Kentuckians through education, research and creative work, service and health care. We pride ourselves on being a catalyst for breakthroughs and a force for healing, a place where ingenuity unfolds. It's all made possible by our people — visionaries, disruptors and pioneers — who make up 200 academic programs, a $476.5 million research and development enterprise and a world-class medical center, all on one campus.