Student loan debt averages more than $30,000 per borrower and it can be a very difficult obligation to meet, especially for someone beginning their career in education.
NEA Member Benefits has partnered with Savi to provide a unique student loan benefit to NEA members.
The Student Loan Forgiveness Navigator is a free online student loan evaluation tool that determines your eligibility for federal repayment and forgiveness programs. Just answer a few questions on a secure website, and the Loan Forgiveness Navigator will do the rest.
Free Student Loan Checkup
The Student Loan Forgiveness Navigator checks your loans against free federal repayment and forgiveness programs. The average user finds over $1,500 per year in new savings. As an educator, you may also be eligible for special teacher forgiveness programs.
When you are completing the Student Loan Forgiveness Navigator, you will enter your basic personal information, tax information, and can sync your student loans. Have a recent tax return and student loan statement available to make your registration run as efficiently as possible.
Pick a repayment plan and easily enroll. Savi will provide ongoing advice, tools and information.
Enroll in Savi Essential Service for $29.95
The online calculator will allow you to determine your repayment options and show you what your potential savings could be completely for free. Once you see your options, you can choose to apply for the programs yourself.
As an NEA Member, you can also take advantage of a convenient e-filing service and get one-on-one support from student loan experts for $29.95, a 66-percent discount from the non-member rate.
Frequently Asked Questions
What information do I need to complete the tool?
Here's what you'll need to complete the tool and get your student loan options:
- Social security number: Your SSN is used by the Department of Education to determine your eligibility for different student loan repayment plans.
- Most recent tax return or tax transcript.
- Servicer login information: Your login information can include a username or email, a password, and anything else required to log into your student loan servicer's website, e.g. a PIN. This information will be used to import your student loan details into Savi during the account setup process.
What is an income-driven repayment plan?
An income-driven repayment (IDR) plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. There are a variety of IDR plans, including Revised Pay As You Earn Repayment (REPAYE), Pay As You Earn Repayment (PAYE), Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) plans, each with their own unique rules. For example, the REPAYE plan caps your monthly payments at 10 percent of your monthly income. The Forgiveness Navigator includes all of your federal repayment plans and does the math for you.
What are my options for student loan forgiveness?
As a teacher, there are a few key ways to get your loans forgiven:
- Public Service Loan Forgiveness (PSLF): The PSLF Program forgives the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
- Teacher Loan Forgiveness: If you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.
- Teacher Loan Cancellation: Certain teachers can qualify for cancellation of up to 100 percent of a Federal Perkins Loan if you have served full-time in a public or nonprofit elementary or secondary school system and meet certain employment criteria.
*Members must create an account to access the tool. If you experience any issues, call the NEA Member Service Center at 1-800-637-4636.