More than 172,000 Oakland County residents have student loan debt, totaling about $6 billion. Through a partnership with Savi, a social impact technology startup, the county aims to help provide guidance on loan repayment and loan forgiveness. The service is free for one year to any Oakland County resident or Oakland County Government employee seeking assistance to manage college debt and get on a path to loan forgiveness. Oakland County is the first government agency in America to work with Savi to offer this benefit to all its residents.
Using the Savi portal is simple. It automatically creates digital forms and tailors' recommendations for debt consolidation by scanning more than 150 federal, state and private eligibility programs, showing borrowers what their payments should be. Savi users save on average $187 month, or $2,244 a year.
Oakland County itself is not relieving student debt. Rather, the Board of Commissioners is paying a flat fee of $500K to waive the Savi registration fee for any Oakland County resident or Oakland County government employee who signs up for debt help before the enrollment deadline. Online registration takes 10 minutes to complete. Participants would have to renew membership on their own in subsequent years. Savi works with more than 50 income-driven repayment plans, including some focused-on loan forgiveness.
Are you saving money with Savi?
Hundreds of Oakland County residents and government employees have registered to receive free support in eliminating their student loan debt. If you are one of them—and were able to get your loans consolidated or your monthly payments lowered, we want to hear from you!
Contact Info
- 248-858-0480
-
2100 Pontiac Lake Road
Waterford, MI 48328 - 8:30am - 5:00pm
- View Executive Staff
- Bill Mullan
- 248-858-1048
- mullanw@oakgov.com
News
NEW Student Debt Relief Benefit Available to You!
More than 170,000 Oakland County residents carry student loan debt, totaling more than $6 billion.
In response, we are pleased to announce that for the next year, Oakland County residents will have exclusive access to a program designed to help them navigate the complexities of debt relief and loan forgiveness.
The Savi portal will help provide guidance on loan repayment and forgiveness. This innovative collaboration is part of Oakland County’s new Student Debt Relief Initiative, designed to help you identify and apply for federal programs to lower your monthly payment and in some cases, eliminate debt altogether. Savi uses the information that you provide to maximize your benefits and then streamlines the process to apply for the relief.
Typically, the service is about $70 a year, but due to support by the county’s leadership and approval by the Board of Commissioners, it will be free to Oakland County residents for the next year. Until now, Savi has not provided its software to the general public, so we’re particularly thrilled about this opportunity for our residents.
Regardless of how much debt you have and where you are in your repayment journey, Savi can help walk you through every step of the process to see if you qualify for programs that will lower or eliminate your student loan debt. Borrowers working with Savi save an average of $187 per month on their student loan payments or an average of $38,980 loan forgiveness for qualified borrowers.
We’re truly excited to offer this initiative at no cost to you as a way to help remove some of that financial burden from your monthly expenses.
You can get more information about the program at OakGov.com/Savi.
And if you’re interested, please plan to attend one of two webinars where your questions will be answered live by a Savi expert.
Those seminars are slated for
- Oct. 10 at 2 p.m. - Register
- Oct. 23 at 6 p.m. - Register Note: Both of these webinars will be recorded.
Events
- Jul21After Hours 50+ Swim Party7:30 PM - 9:00 PM
- Jul22Paws and Play5:00 PM - 7:00 PM
- Jul23Early Childhood Hour Out (ECHO)10:30 AM - 11:30 AM