Additional Resources

Student loan payments resume on July 1, 2023. Will you be ready?

Four important steps to take before your student loan payments resume.

If you currently have federal student loan debt to repay, you’ve been fortunate to have your payments and interest accrual paused for more than two years as a result of COVID-19 emergency relief. The most recent extension of the loan pause is scheduled to end on June 30, 2023. Following are five important steps to take BEFORE payments resume. TIAA has teamed up with Savi, a public benefit corporation, to help you complete these tasks. Savi has identified more than $200 million in projected student loan forgiveness and is working to help eligible borrowers tackle what’s need to achieve forgiveness. You’ll find more details about Savi’s services and how to reach out to them throughout this article.

1. Know your current loan servicer and have an active account and login.
   Be aware that many government-held federal student loans have been changing loan servicers.
   You need to know which servicer handles your loan.
   
   It’s important to know whether your loan is being handled by a new servicer, and if so, which one.
   You can find out the name of your current loan servicer on StudentAid.gov. If your loan has
   transferred to a new servicer, be sure to register with them and create a new account as soon as
   possible.
   
   
2. Update your contact information.
   Under the terms of the student loan promissory notes, you are legally responsible to keep your
   contact information current so that both the Department of Education and your loan servicer can
   reach you. This includes your email and mailing address, as well as your phone number.
   
   Once the payment pause ends, be on the lookout for a billing statement that includes your
   payment due date, payment amount and upcoming interest. If you don’t receive one, it could be
   an indication that you forgot to update your contact information.
   
   Don’t wait! Go to your loan servicer’s online address to review and update your contact
   information as needed.
   
   
3. Understand your loan repayment options.
   Your financial situation may have changed during Covid, so don’t assume your payment plan
   before the pause will best suit your current situation. The Department of Education offers four
   plans, called income-driven repayment plans (IDR), which are designed to reduce your monthly
   payment amount and are based on how much money you earn. These include:
   
   • Revised Pay as You Earn Repayment Plan (REPAYE)
   • Pay as You Earn Repayment Plan (PAYE)
   • Income-based Repayment Plan (IBR)
   • Income-contingent Repayment Plan (ICR)     

 Savi can help you determine the best repayment plan based on your loan(s), income and family situation.             Surprisingly, a higher monthly payment isn’t always the best way to pay off your loan faster or at the lowest total   payout. With the loan forgiveness program, it may be wiser to arrange a lower monthly payment plan, because       under the loan forgiveness program, with 120 eligible monthly payments, your entire remaining loan balance will be totally erased, if you qualify!

1. Get on track for loan forgiveness
   Whether or not you currently participate in the Public Service Loan Forgiveness program, now is
   the time to confirm your eligibility and get any needed tasks done before payments resume.
   Whatever your situation, Savi can help you navigate this complex program and be sure you get all
   required tasks done correctly and on time. Specifically, Savi can help you:
   
   • Determine if your loan(s) qualify for forgiveness
   • Identify the best repayment method for your loan and your estimated monthly payment
   • Estimate how much money will be forgiven and when
   • Generate any required forms, help you complete them, check them prior to submission and
     then submit them on your behalf
   • Monitor your submitted applications and forms with loan servicers and your employer
   • Track your PSLF credits once you start making loan payments under the program
   • Update you on any policy changes

Did you know that the time during the payment pause counts towards Public Service Loan Forgiveness? Eligible borrowers have the potential to receive FREE PSLF credits toward the 120 needed to achieve full forgiveness of their eligible loan balance.  

To learn more, join an upcoming Savi webinar, visit

Don’t miss this important webinar to answer all your questions:

• Am I on the best loan repayment plan?
• Do I qualify for PSLF or student loan cancellation?
• What must I do to prepare for when loan payments resume?
• Are there any new program/legislative changes I should be aware of?
• How can I sign up for Savi services?

Savi and your employer are independent entities. Savi and TIAA are independent entities. A portion of any fee charged by Savi is shared with TIAA to offset costs to support the program. In addition, TIAA has a minority ownership interest in Savi. TIAA makes no representations regarding the accuracy or completeness of any information provided by Savi. TIAA does not provide tax or legal advice. Please contact your personal tax or legal adviser.