Student debt in America has soared to more than $1.6 trillion, exceeding credit card debt and trailing only mortgage debt. In Oakland County, more than 170,000 residents carry $6 billion student loan debt. That’s why Oakland County is taking steps to address the pressing issue. The Oakland County Student Debt Relief Initiative, in partnership with Savi, is a program designed to provide financial relief to county residents burdened by student loan debt. 

Savi, a technology startup, provides guidance on loan repayment and forgiveness. The service, which typically costs $70 per year, is being offered for free for one year to any Oakland County resident or Oakland County Government employee seeking assistance to manage or eliminate student loan debt.

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 could be. Savi, which also helps people apply for the programs, works with more than 50 repayment plans, including some focused on loan forgiveness. 

Borrowers working with Savi have saved an average of $187 a month on their student loan payments.

Oakland County Executive Dave Coulter supported and the Oakland County Board of Commissioners allocated $500,000 for the program, so registration will be free to eligible participants for one year. Participants will have to renew and pay for membership on their own in subsequent years.

To learn more, click here. Plan to attend one of two webinars where your questions can be answered live by a Savi expert. Those seminars are slated for Oct. 8 and Oct. 23 at noon and 6 p.m., respectively.

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