LEXINGTON, Ky. (March 18, 2022) — The University of Kentucky embraces the opportunity to support, strengthen and equip lives through efforts to enhance financial knowledge and well-being. As an institution, UK is dedicated to propelling its employees in this area through tools for financial security.
One of those tools is Savi.
Savi is a free and powerful tool available to UK employees that helps strengthen your financial footing in the short-term and positions you for student loan forgiveness.
Starting as a social-impact public benefit company, Savi was created by student loan experts, advocates and borrowers who have been fighting for many years to improve the student loan system. Realizing 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.
“UK HR strives to help reduce individual personal financial stress by providing tools like this one,” said UK Chief Benefits Officer Richard Amos. “We know financial well-being is a significant component of overall wellbeing. If we can assist people in this way, it can contribute to attracting and keeping people for UK.”
He believes Savi can help UK employees in four major ways:
- Simplify the government aid process.
- Save money monthly.
- Reduce total payment over time.
- Receive loan forgiveness of remaining balance.
UK employees can use the Savi site and online Student Loan Checkup tool for free here. Once you learn about your options and see potential savings, you can choose to apply for Public Service Loan Forgiveness (PSLF) and manage the ongoing paperwork on your own.
Savi also offers additional support through the Savi Essential plan. For a $60 annual fee, Savi Essential helps you:
- Apply for an income-driven repayment plan.
- Track payments toward forgiveness.
- Meet your deadlines in time by providing enrollment reminders.
- Stay in compliance with the PSLF rules.
- E-file forms
To learn more about Savi and additional financial wellness tools UK offers, visit the UK Human Resources website here.