Student Loan Debt Assistance

As a qualifying employer under the federal U.S. Department of Education guidelines, the University is proud to support employees who may be eligible for the Public Service Loan Forgiveness (PSLF) program.

What Is PSLF?

Public Service Loan Forgiveness (PSLF) is a federal student loan program that forgives the remaining balance on eligible federal student loans after:

• 120 qualifying monthly payments
• While working full-time for a qualifying employer
• Under a qualifying repayment plan

If approved, the forgiven amount is not considered taxable at the federal level.

 

Who May Qualify?

You may be eligible for PSLF if you:

• Work full-time for the University (as defined by PSLF guidelines — generally at least 30 hours per week or meeting the employer’s full-time standard)
• Have eligible Federal Direct Loans
• Are enrolled in a qualifying repayment plan (typically an Income-Driven Repayment plan)
• Make 120 qualifying monthly payments

Eligibility is determined by federal program rules — not by the University.

 

Important Information About Eligible Loans

Only Federal Direct Loans qualify for PSLF.

If you have other types of federal loans (such as FFEL or Perkins Loans), you may need to consolidate them into a Direct Consolidation Loan to become eligible. Employees should review their loan types carefully before applying.

 

How to Get Started

Employees interested in pursuing PSLF should:

1. Confirm their loan type at StudentAid.gov
2. Enroll in a qualifying repayment plan (if not already enrolled)
3. Use the PSLF Help Tool to verify our employer status and generate the required form
4. Submit the PSLF Employment Certification Form annually and whenever changing employers

Submitting the employment certification form each year helps ensure your qualifying payment count is accurately tracked.

 

Applying for Forgiveness

After making 120 qualifying payments, employees must submit a final PSLF application for review. Forgiveness is not automatic — you must apply and certify your qualifying employment.

 

Additional Resources

For official program details, eligibility requirements, and application tools, visit Federal Student Aid – Public Service Loan Forgiveness webpage.

Savi

The University, in collaboration with TIAA and Savi, offers a unique way to help full-time employees manage their student loan debt. Savi provides a digital tool and services that can help you navigate the complexities of federal income-based repayment plans and loan forgiveness programs.

Savi offers various tiers of service:

1. First, the Savi tool is free for all users to evaluate the best repayment and forgiveness options available. Users can download the forms from Savi's website and manage the paperwork on their own.
2. The Savi Essential service is $80 per calendar year. Employees can enroll in Savi's Essential service where Savi will administer the program's paperwork and ongoing requirements including annual re-enrollment, employer certifications, and filing for PSLF credits. This service helps borrowers avoid the common and not-so-common errors and to stay in compliance with exacting rules.
3. The Savi Pro service is $165 per calendar year. Employees with complex loans/financials could benefit from this service to access digitized applications and enjoy the ease of one-on-one customer support.

To learn more, go to TIAA.org/richmond/student or download the Savi Quick Start Guide. If you have questions, comments, or concerns, click on "Help" on Savi’s site to chat with online with support or call 1-833-945-0654 weekdays between 9 a.m. and 8 p.m. (ET).

 

Disclaimer

Public Service Loan Forgiveness is administered by the U.S. Department of Education. Eligibility requirements, program rules, and processing timelines are determined by the federal government and may change. The University cannot determine individual eligibility, provide financial advice, or guarantee loan forgiveness.

Employees are encouraged to consult StudentAid.gov or a qualified financial advisor for personalized guidance.

Federal programs are available to reduce the burden of student loan debt for people who work for eligible public interest employers: 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.

As of December 31, 2022, based on Savi’s internal measurements, Savi users saw average projected savings of $1,680 per year. Results experienced may not be typical of all users. Individual result will vary.

Savi is unaffiliated with TIAA, College Retirement Equities Fund, and their affiliates and subsidiaries (collectively TIAA), and TIAA makes no representations regarding the accuracy or completeness of any information provided by Savi. TIAA does not provide income tax or legal advice. Please contact your personal tax or legal adviser.

TIAA-CREF Individual & Institutional Services, LLC, Member FINRA and SIPC, distributes securities products.