By Ascendium
Education Group
With all the recent student loan changes, it’s no wonder borrowers are confused. After a three-and-a-half-year payment pause that started with the COVID-19 health crisis in 2020, federal student loan borrowers were required to make payments again beginning in October 2023. However, the transition to repayment has been challenging due to servicer changes, a newly introduced income-driven repayment (IDR) plan, and millions of borrowers making payments for the first time.
Alleviating borrower confusion was a key motivation for Madison-based Ascendium®, a leading postsecondary education and workforce training philanthropy, and Savi™, a social impact technology startup in Washington, D.C., to team up. Combining their nearly 60 years of student loan expertise, they’ve launched the My Way to Repay campaign. This campaign helps borrowers overcome student loan repayment challenges and find the best plan and forgiveness option to save them the most money.
And it’s all free. No catch. Seriously.
The goal is to help as many borrowers as possible get on a successful repayment path, especially low-income borrowers, borrowers of color, and recent graduates.
Here’s how it works:
Visit mywaytorepay.com
Register to attend an informational webinar or sign up for a Savi™ account and get a savings estimate.
Learn how the tool makes it easy for borrowers to navigate complex decisions and choose the best repayment plan and forgiveness option to save the most money. Options are presented side-by-side to help borrowers narrow it down.
Get personalized support from one of the expert Success Coaches available through a toll-free hotline.
Brooke B., a Northside resident and Ascendium employee, plans to get assistance from Savi and Ascendium. “I’m a Northside resident with federal student loans. I’m enrolled in the Income-Contingent Repayment plan, but my friend encouraged me to use the Savi tool to see if the benefits of the new IDR plan called SAVE would save me money. I’m going to sign up for a Savi account and see where it goes. I’m excited to learn more, especially since it’s experts providing student loan services for free. Thank you Ascendium and Savi!”
My Way to Repay is brought to you by Savi and Ascendium. They have partnered with national nonprofit organizations that serve communities and support those who may not have services and resources available to help them. If you belong to such an organization and are interested in sharing My Way to Repay with your employees or members, our communications toolkit will make it easy to spread the word. Visit mywaytorepay.com to learn more.