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HomeMy WebLinkAboutResolutions - 2024.07.18 - 41372 AGENDA ITEM: Establish the Oakland County Student Debt Relief Initiative DEPARTMENT: Board of Commissioners MEETING: Board of Commissioners DATE: Thursday, July 18, 2024 6:00 PM - Click to View Agenda ITEM SUMMARY SHEET COMMITTEE REPORT TO BOARD Resolution #2024-3998 _ 24-52 Motion to adopt the attached suggested resolution. ITEM CATEGORY SPONSORED BY Budget Amendment David Woodward, Ann Erickson Gault, Marcia Gershenson, Gwen Markham, William Miller III, Linnie Taylor, Penny Luebs, Charles Cavell, Brendan Johnson, Yolanda Smith Charles, Angela Powell INTRODUCTION AND BACKGROUND In response to the pressing issue of college debt relief, the Oakland County Board of Commissioners has identified this as a top priority for the 2024-year. Recognizing the immense burden of student loan debt on residents, the County is committed to alleviating financial stress and fostering economic well-being. To this end, the County seeks to engage Savi Student Debt Solution, a trusted and effective student loan benefit company, renowned for its expertise in assisting borrowers with navigating repayment options and achieving loan forgiveness. Drawing from personal experiences and nationwide examples such as Hennepin County's recent $500,000 agreement with Savi, it is evident that Savi's services hold immense value. By providing affordable benefits to over 500 employers and offering comprehensive solutions that significantly reduce monthly payments while guiding individuals towards meaningful savings and loan forgiveness, Savi has proven instrumental in addressing the challenges posed by student loan debt. This initiative aims to empower Oakland County residents to take control of their student loans, build a path to financial stability, and ultimately enhance their overall well-being. Through the proposed agreement with Savi, the County endeavors to provide essential support to its residents and workforce, demonstrating a commitment to their financial health and reinforcing its position as a progressive and employee focused organization. BUDGET AMENDMENT REQUIRED: Yes Committee members can contact Michael Andrews, Policy and Fiscal Analysis Supervisor at 248.425.5572 or andrewsmb@oakgov.com or the department contact persons listed for additional information. CONTACT David Woodward, Commissioner ITEM REVIEW TRACKING Aaron Snover, Board of Commissioners Created/Initiated - 7/24/2024 David Woodward, Board of Commissioners Approved - 7/24/2024 David Coulter, Executive's Office Approved - 7/24/2024 Lisa Brown, Clerk/Register of Deeds Final Approval - 7/25/2024 AGENDA DEADLINE: 07/18/2024 6:00 PM ATTACHMENTS 1. Savi Overview for Oakland County 2024 2. Hennepin County Commissioners Resolution 23-0510 3. StarTribune: Hennepin County hires consultant to help workers with student loan forgiveness 4. Correspondence from Savi dated March 28 2024 5. Savi Overview Handouts 6. Savi Important Dates to Consider 7. Public Service Loan Forgiveness Information 8. Savi Government Employees PowerPoint Presentation 9. BOC Schedule A - Establish The Oakland County Studentg Debt Relief Initiative COMMITTEE TRACKING 2024-06-13 Full Board - Refer to Legislative Affairs & Government Operations and Finance Committee 2024-07-09 Legislative Affairs & Government Operations - Forward to Finance 2024-07-10 Finance - Recommend to Board 2024-07-18 Full Board - Adopt Motioned by: Commissioner Brendan Johnson Seconded by: Commissioner Charles Cavell Yes: David Woodward, Penny Luebs, Gwen Markham, Angela Powell, Marcia Gershenson, William Miller III, Yolanda Smith Charles, Charles Cavell, Brendan Johnson, Ann Erickson Gault, Linnie Taylor (11) No: Michael Spisz, Michael Gingell, Karen Joliat, Kristen Nelson, Christine Long, Robert Hoffman, Philip Weipert, Ajay Raman (8) Abstain: None (0) Absent: (0) Passed July 18, 2024 RESOLUTION #2024-3998 _ 24-52 Sponsored By: David Woodward, Ann Erickson Gault, Marcia Gershenson, Gwen Markham, William Miller III, Linnie Taylor, Penny Luebs, Charles Cavell, Brendan Johnson, Yolanda Smith Charles, Angela Powell Board of Commissioners - Establish the Oakland County Student Debt Relief Initiative Chair and Members of the Board: WHEREAS reducing college debt for graduates is an important priority for Oakland County; and WHEREAS student debt in America has more than doubled in the last two decades. Totaling more than $1.6 trillion, student federal loans is larger than credit card debt and second only to mortgage debt in the nation; and WHEREAS more than 172,000 Oakland County residents carry $6 billion in student debt; and WHEREAS recognizing the significant burden of student loan debt has on our youngest generations, our county aims to alleviate financial stress and promote economic prosperity among Oakland County residents and employees; and WHEREAS because of executive actions made by the Biden-Harris Administration, more people are eligible for student debt forgiveness or reduction than ever before, including but not limited to, the administration’s Saving on a Valuable Education (SAVE) plan which lowers payments and offers complete forgiveness after meeting certain income and payment criteria; and WHEREAS the early results for those enrolled in the SAVE plan, borrowers are saving on average $117 per month or over $1,400 per year freeing up money to help them pay for other needs; and WHEREAS other programs like the Public Service Loan Forgiveness (PSLF) program, which forgives student debt after ten years of payments and working for U.S.- based government organization at any level (local, state, or federal) or a qualifying not-for-profits, is another tool to reduce college debt; and WHEREAS the National Association of Counties (NACo) is a strategic partner with Savi, a social impact company that works to lower student loan payments and find loan forgiveness; and WHEREAS Savi Student Debt Solution is a tool that demonstrates its effectiveness in assisting borrowers in navigating various repayment options and achieving loan forgiveness; and WHEREAS Savi's commitment to providing affordable benefits has already positively impacted over 500 employers, offering comprehensive solutions that not only reduce monthly payments but also guide individuals through achieving meaningful savings and loan forgiveness; and WHEREAS Oakland County seeks to bring Savi’s technology platform to all Oakland County residents and county employees to help lower student debt payments and maximize student debt relief across the county, and be the first county in America to offer this benefit to all county residents and employees. NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners hereby establishes the Oakland County Student Debt Relief Initiative. BE IT FURTHER RESOLVED that under this initiative, the Oakland County Board of Commissioners authorizes the negotiation of an Agreement with Savi to help student loan borrowers easily lower their payments and find loan forgiveness for Oakland County residents and county employees, in an amount not to exceed $500,000; that following review by Corporation Counsel, the Chair of the Board be authorized to sign the Agreement on behalf of the County. BE IT FURTHER RESOLVED that $500,000 be appropriated from the General Plan Assigned Fund Balance (General Ledger 383554) to the Board of Commissioners General Fund General Purpose line item budget for Professional Services. BE IT FURTHER RESOLVED the Agreement allows all county residents and county employees to participate at no cost for one year for the DIY and Essential membership levels. BE IT FURTHER RESOLVED a public dashboard be developed and accessible on the county’s website to illustrate how county residents and county employees benefit from the Oakland County Student Debt Relief Initiative. Chair, the following Commissioners are sponsoring the foregoing Resolution: David Woodward, Ann Erickson Gault, Marcia Gershenson, Gwen Markham, William Miller III, Linnie Taylor, Penny Luebs, Charles Cavell, Brendan Johnson, Yolanda Smith Charles, Angela Powell. Date: July 24, 2024 David Woodward, Commissioner Date: July 24, 2024 David Coulter, Oakland County Executive Date: July 25, 2024 Lisa Brown, County Clerk / Register of Deeds COMMITTEE TRACKING 2024-06-13 Full Board - Refer to Legislative Affairs & Government Operations and Finance Committee 2024-07-09 Legislative Affairs & Government Operations - Forward to Finance 2024-07-10 Finance - Recommend to Board 2024-07-18 Full Board - Adopt Motioned by Commissioner Brendan Johnson seconded by Commissioner Charles Cavell to adopt the attached Budget Amendment: Establish the Oakland County Student Debt Relief Initiative. Yes: David Woodward, Penny Luebs, Gwen Markham, Angela Powell, Marcia Gershenson, William Miller III, Yolanda Smith Charles, Charles Cavell, Brendan Johnson, Ann Erickson Gault, Linnie Taylor (11) No: Michael Spisz, Michael Gingell, Karen Joliat, Kristen Nelson, Christine Long, Robert Hoffman, Philip Weipert, Ajay Raman (8) Abstain: None (0) Absent: (0) Passed ATTACHMENTS 1. Savi Overview for Oakland County 2024 2. Hennepin County Commissioners Resolution 23-0510 3. StarTribune: Hennepin County hires consultant to help workers with student loan forgiveness 4. Correspondence from Savi dated March 28 2024 5. Savi Overview Handouts 6. Savi Important Dates to Consider 7. Public Service Loan Forgiveness Information 8. Savi Government Employees PowerPoint Presentation 9. BOC Schedule A - Establish The Oakland County Studentg Debt Relief Initiative STATE OF MICHIGAN) COUNTY OF OAKLAND) I, Lisa Brown, Clerk of the County of Oakland, do hereby certify that the foregoing resolution is a true and accurate copy of a resolution adopted by the Oakland County Board of Commissioners on July 18, 2024, with the original record thereof now remaining in my office. In Testimony Whereof, I have hereunto set my hand and affixed the seal of the Circuit Court at Pontiac, Michigan on Thursday, July 18, 2024. Lisa Brown, Oakland County Clerk / Register of Deeds STUDENT DEBT SOLUTION Student loan payments resumed in October 2023 for the first time in 3+ years. Savi is here to help get your employees on track. Savi is a public-benefit social impact company founded by student loan experts and policymakers who understand the stress and hardship of student loans. We’re on a mission to help your employees take control of their student loans and build a path to loan forgiveness. Savi is already providing an affordable benefit to more than 500 employers to date that are committed to the financial health of their employees. Savi's technology allows us to significantly improve and simplify the experience of student debt management for workers and strengthen employer benefits overall. BENEFITS FOR YOU Co-Branded Microsite Employer Dashboard with Impact Metrics Educational Webinars Automated Enrollment & Digital Forms 1:1 Support from Experts Turnkey Communications Resources *Family members are also eligible for participation Want to learn more? Contact our team today at tony@bysavi.com T ot a l $ P r oj 3 e cte b d Fo + rgiveness +k0 per Employee 4$ Average Projected Forgiveness $ A v 1 e r a 8 g e Ye 0 arly 0 Savin + gs Cov 1 ere M d Emp + loyees Par 5 ticipa 0 ting 0 Emp + loyers STUDENT DEBT SOLUTION Want to learn more? Contact our team today at tony@ bysavi.com Improve Efficiency Savi automatically generates digital forms that can be signed and submitted directly through email and/or the Admin Portal. Student Loan Expertise Direct all of your employees' student loan questions to Savi. Savi delivers tailored recommendations based on each borrower's unique loan profile. No Technical Integration Savi Essential does not require any technical integration or data transfer. We can get your co-branded site up and running in less than an hour. Real-Time Impact Dashboard Employers have access to a real-time dashboard including powerful impact metrics like Total Debt Held and Total Projected Forgiveness, among others. EMPLOYER BENEFITS When you offer Savi Essential to your employees, you add an attractive financial wellness benefit to your offerings: LOW COST *Estimated usage based on employer size: * If you're unable to cover the Essential Service this year, Savi Essential is also available on a per employee or voluntary basis. Contact Savi to request more information. Employers that pay for Savi Essential see 3x higher participation and impact. The low cost benefit is discounted to only $70 per participant per calendar year. 1,000 employees 40 - 100 users/yr 2,500 employees 100 - 300 users/yr 15,000 employees 600 - 1,500 users/yr Want to learn more? Contact our team today at tony@ bysavi.com MANAGE STUDENT DEBT BETTER Many employees struggle to navigate their student debt options and don’t know what they qualify for. Savi can help them find a manageable monthly payment and stay on track. Under government repayment programs, employees can pay lower student loan payments based on their income without accruing interest. Savi can identify programs and handle the government application process. Savi's personalized repayment calculator helps borrowers find the best loan options, analyzing 100+ programs. Borrowers can apply for income- based repayment programs, like SAVE, and Savi supports e-filing, ensuring they are ready to resume repayments. THE SAVE PLAN RECRUIT & RETAIN THE BEST The government recently launched the SAVE plan- the most generous income-based repayment plan to date. Borrowers pay no more than 5-10% of their discretionary income. Borrowers earning less than $32,800 individually, or less than $67,500 for a family of four, have $0 monthly bills. Borrowers on the SAVE plan would not accrue additional interest. Students who borrowed less than $12,000 would get loan forgiveness after 10 years of payments. Available to private sector and public sector employees. TALENT Employees are looking for benefits that can stretch their dollars further, and address real financial pain points Many employees have student debt but no degree and are struggling to repay. Savi can help employees of all types *Family members are also eligible for participation Borrowers earning less than $32,800 can see $0 monthly bills. Employees Save $150+ Per Month Savi helps private and public-sector employees enroll in affordable government repayment programs. OVER 60%of employees expect their employer to help them with student loan debt. $3B+ STUDENT DEBT SOLUTION Join more than 500 employers who trust Savi to handle student loan support. We're building a better borrower and employer experience: We know PSLF and Loan Forgiveness better than anyone. That's why we've found the most forgiveness for our users... Total Projected Forgiveness The program helps employees achieve meaningful savings both in their monthly budgets and in the overall cost of their college debt. An employee told us she was struggling to pay her rent but now she has that burden lifted. It’s really life changing! - Benefits Director, Boston Medical Center We're a widely trusted employer partner in healthcare and higher education. Our customer support and attention to you remains our top priority. Want to learn more? Contact our team today at tony@ bysavi.com A MONEY BACK GUARANTEE The only student loan benefit that offers... I was already working toward forgiveness, but found new savings. My monthly payment went from $360 to $150 -- a reduction by more than half! - client employee Participating Employers; select clients include: 500+ Over $1,800 in avg.annual savings peremployee 300 South Sixth Street Minneapolis, MN 55487-0240 RESOLUTION Administration, Operations and Budget Committee RESOLUTION: 23-0510 At a meeting of the Board of Hennepin County Commissioners, a motion was made by Commissioner Anderson, and seconded by Commissioner Conley, that the Resolution be adopted. The motion passed. BE IT RESOLVED, that the County Administrator be authorized to negotiate an Agreement with Savi for the provision of student loan repayment and loan forgiveness assistance program services for employees during the period of date of execution through December 31, 2025, DOE-12/31/24, in an amount not to exceed $500,000; that after review and approval by the County Attorney’s Office, the Chair of the Board be authorized to sign the agreement on behalf of the County; and that the Controller be authorized to disburse funds as directed. RESOLUTION ADOPTED ON 12/12/2023 The question was on the adoption of the resolution with the votes as follows: Aye:6 Commissioner Fernando, Commissioner Greene, Commissioner Lunde, Commissioner Conley, Commissioner Goettel, and Commissioner Anderson Maria Rose Maria Rose Page 1 Printed on 12/27/23 Hennepin County, Minnesota StarTribune Follow Us On: Subscribe today COMPANY About the Star Tribune Contact us Work For Us News in Education Minnesota's Best High school sports hubs Mobile and tablet apps Policies and Standards ADVERTISE WITH US Talk with a business consultant Media kit Classifieds BUY Star Tribune Store Photo Reprints Full Page Archive: 150+ years Back Copies Commercial reprints Licensing CUSTOMER SUPPORT Help and Feedback Manage your account Newspaper subscription Digital access eEdition Vacation hold/billing Text to Speech WEBSITE Terms of use Privacy policy Site index RSS © 2024 StarTribune. All rights reserved. Home Local Sports Business Opinion Variety Obituaries Classifieds Autos Things To Do Jobs LOCAL 600326631 Hennepin County hires consultant to help workers with student loan forgiveness County Board approves $500K deal with consultant to help navigate federal rules for the many county employees who have student debt. By Christopher Magan Star Tribune DECEMBER 13, 2023 — 2:28PM Related Coverage 3 Minnesotans share how student loans have affected their lives Nov. 4, 2023 Want to know if your degree from a Minnesota college is worth it? Check out state's new tool Oct. 18, 2023 How to save for your kids' college education Jul. 17, 2023 Hennepin County leaders rushed this month to hire a consultant to help employees take advantage of generous student loan forgiveness rules before they expire at the end of the year. The County Board agreed Tuesday to pay Savi, a student loan consultant, $500,000 to help workers apply to have student loans forgiven through the Public Service Loan Forgiveness program. Under the federal program, employees of government agencies and nonprofit organizations with 10 years — or 120 months — of on-time loan payments can have the rest of their loans forgiven. Temporary rules enacted by the Biden administration allow borrowers to count the time loan repayments were paused during the coronavirus pandemic toward the necessary qualifying payments. Only government-subsidized direct loans are eligible for the forgiveness program. Borrowers can consolidate their loans to become eligible, but they must do so before the end of the year for the pandemic payment pause to count. That's where Savi comes in. Under the agreement, the consultant will set up a dedicated website for county workers and help them navigate more than 50 different income- driven repayment plans, including various loan forgiveness programs. County Administrator David Hough said the agreement will cost the county $150 per employee who uses it, with the total cost not to exceed $500,000 by the end of 2024. Hough noted that nationwide, more than 43 million people have student loan debt and roughly $1.7 trillion is owed nationwide. Another 3.7 million parents have loans that could also be eligible. "We know there are a significant number of county employees who have student loans and need help and assistance navigating very complex rules," Hough said during a Dec. 7 County Board committee meeting, noting the quickly approaching deadline. The County Board approved the contract with Savi at its Dec. 12 meeting. Hough expects information to go out to county workers on Thursday about the program. Hennepin County already provides up to $5,250 for tuition reimbursement, the IRS maximum, Hough said. The new agreement with Savi is another way the county can attract and retain workers, he said. County officials plan to hire nearly 400 people next year, bringing the county's total headcount to almost 10,000 full-time equivalents. Hough estimates about a third of those employees have student loans and could benefit from the deal with Savi. The County Board agreed and thanked staff for moving quickly to finalize the agreement. "I'm super excited about this. It is a great benefit to our employees," Commissioner Marion Greene said. Christopher Magan covers Hennepin County. . chris.magan@startribune.com 612-673-4678 42 SHOW COMMENTS ADVERTISEMENT ADVERTISEMENT FROM AROUND THE WEB Recommended by Michigan Will Cover Cost to Install Solar Panels in These Zip Codes Find out if you qualify. Get your free quote today! 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FXP5MFXP5MFXP5M FXP5M Most Read Chief O'Hara says there's blame to go around for Mpls. policing difficulties • MINNEAPOLIS 1 Spring arrives tonight, and it's bringing cold and snow with it • LOCAL2 Hennepin leaders want ballpark tax to fund health care improvements • LOCAL3 Refusing emergency contraception is sex discrimination, Minnesota appeals court rules • LOCAL 4 Rochester paves way for Mayo to demolish old Lourdes High School building • LOCAL5 LISTEN TEXT SIZE SAVE GIFT 42 SHARE ALL SECTIONS StarTribuneLOG IN SUBSCRIBE From: Tony Raffa <tony@bysavi.com> Sent: Thursday, March 28, 2024 10:30:38 AM This landscape can be confusing, but Savi is here to make it simple for borrowers and employers. • There are over 43 million Americans with student debt totaling 1.7 trillion dollars. 93% of all this student debt is federal student debt. We estimate that over 2/3rds of those borrowers can qualify for savings and/or forgiveness. • Borrowers Face a Maze of Options. 17 repayment plans, 9 forgiveness plans, 12 forbearance, 19 deferment, and over 150 eligibility programs. Savi helps scan all these options for users and lets them know everything they qualify for based on their specific situation. • Savi sees an average saving of over $150 per user per month with an average projected forgiveness of over $40,000. • o Those with graduate degrees may see much larger savings closer to the savings my wife has seen thanks to Savi's help. o My wife graduated from the Medical College Of Georgia. She has $250,000 in Student Debt and was expected to make payments of $2,647 every month. o Thanks to Savi's help she is on the SAVE IDR plan. She pays $86 every month and is projected to see $200,000 in forgiveness. • You can offer Savi as a voluntary benefit or you can cover the essential fee which is $70 per user per year. • Implementation is easy we do not require a data feed or eligibility files. We just ask that you fill out a contract and a survey. • Attached is an overview of Savi (the 3rd page discusses the SAVE IDR plan) • Attached is a document covering important upcoming dates borrowers should be aware of • Attached is a document explaining the PSLF program and how Savi helps. • Attached is a PowerPoint showing the student loan landscape among government employees. • This link will take you to a 5minute YouTube video of the Savi tool: https://www.youtube.com/watch?v=XQEDhx3N_h4&list=WL Please let me know if you have any questions or feel free to call me to discuss. Thank you, Tony Raffa Student loan payments resumed in October 2023 for the first time in 3+ years. Savi is here to help get your employees on track. Savi is a public-benefit social impact company founded by student loan experts and policymakers who understand the stress and hardship of student loans. We’re on a mission to help your employees take control of their student loans and build a path to loan forgiveness. Savi is already providing an affordable benefit to more than 500 employers to date that are committed to the financial health of their employees. Savi's technology allows us to significantly improve and simplify the experience of student debt management for workers and strengthen employer benefits overall. BENEFITS FOR YOU 1M+ Covered Employees Average Projected Forgiveness per Employee $40k+ 500+ Participating Employers *Family members are also eligible for participation $1800+ Average Yearly Savings Co-Branded Microsite Educational Webinars 1:1 Support from Experts Employer Dashboard with Impact Metrics Automated Enrollment & Digital Forms Turnkey Communications Resources $3b+ Total Projected ForgivenessWant to learn more? Contact our team today at tony@bysavi.com STUDENT DEBT SOLUTION When you offer Savi Essential to your employees, you add an attractive financial wellness benefit to your offerings: EMPLOYER BENEFITS LOW COST * Employers that pay for Savi Essential see 3x higher participation and impact. The low cost benefit is discounted to only $70 per participant per calendar year. Savi automatically generates digital forms that can be signed and submitted directly through email and/or the Admin Portal. Estimated usage based on employer size: Real-Time Impact Dashboard Employers have access to a real-time dashboard including powerful impact metrics like Total Debt Held and Total Projected Forgiveness, among others. Student Loan Expertise Direct all of your employees' student loan questions to Savi. Savi delivers tailored recommendations based on each borrower's unique loan profile. 1,000 employees 2,500 employees 15,000 employees 40 - 100 users/yr No Technical Integration Savi Essential does not require any technical integration or data transfer. We can get your co-branded site up and running in less than an hour. 100 - 300 users/yr 600 - 1,500 users/yr Improve Efficiency * If you're unable to cover the Essential Service this year, Savi Essential is also available on a per employee or voluntary basis. Contact Savi to request more information. STUDENT DEBT SOLUTION Want to learn more? Contact our team today at tony@bysavi.com Many employees struggle to navigate their student debt options and don’t know what they qualify for. Savi can help them find a manageable monthly payment and stay on track. Under government repayment programs, employees can pay lower student loan payments based on their income without accruing interest. Savi can identify programs and handle the government application process. Savi's personalized repayment calculator helps borrowers find the best loan options, analyzing 100+ programs. Borrowers can apply for income- based repayment programs, like SAVE, and Savi supports e-filing, ensuring they are ready to resume repayments. The government recently launched the SAVE plan- the most generous income-based repayment plan to date. Borrowers pay no more than 5-10% of their discretionary income. Borrowers earning less than $32,800 individually, or less than $67,500 for a family of four, have $0 monthly bills. Borrowers on the SAVE plan would not accrue additional interest. Students who borrowed less than $12,000 would get loan forgiveness after 10 years of payments. Available to private sector and public sector employees. Employees are looking for benefits that can stretch their dollars further, and address real financial pain points Many employees have student debt but no degree and are struggling to repay. Savi can help employees of all types MANAGE STUDENT DEBT BETTER Employees Save $150+ Per Month THE SAVE PLAN RECRUIT & RETAIN THE BEST TALENT Savi helps private and public-sector employees enroll in affordable government repayment programs. Borrowers earning less than $32,800 can see $0 monthly bills. *Family members are also eligible for participation Want to learn more? Contact our team today at tony@bysavi.com OVER 60%of employees expect their employer to help them with student loan debt. I was already working toward forgiveness, but found new savings. My monthly payment went from $360 to $150 -- a reduction by more than half! - client employee The only student loan benefit that offers... A MONEY BACKGUARANTEE We know PSLF and Loan Forgiveness better than anyone. That's why we've found the most forgiveness for our users... $3B+ Total Projected Forgiveness The program helps employees achieve meaningful savings both in their monthly budgets and in the overall cost of their college debt. An employee told us she was struggling to pay her rent but now she has that burden lifted. It’s really life changing! - Benefits Director, Boston Medical Center Join more than 500 employers who trust Savi to handle student loan support. We're building a better borrower and employer experience: We're a widely trusted employer partner in healthcare and higher education. Our customer support and attention to you remains our top priority. 500+ Participating Employers; select clients include: Want to learn more? Contact our team today at tony@bysavi.com Over $1,800 in avg. annual savings per employee STUDENT DEBT SOLUTION THE STATE OF STUDENT DEBT OCTOBER 2023: PAYMENTS RESUME Payments Resumed on October 1st, 2023 40% of borrowers missed their first payment The Department of Education released a memo acknowledging the numerous issues borrowers were facing Untimely billing statements or not receiving bills at all Enrollment for Income-Driven Repayment Plans was not being processed correctly Long wait times or not being able to connect with their loan service provider APRIL 30, 2024: CONSOLDIATION DEADLINE There is a one-time payment count adjustment on July 1st to address historical failures in administering student loans. In order to qualify for this count adjustment, borrowers with FFEL and/or Parent PLUS loans must submit applications for consolidation by April 30, 2024 The Department of Ed estimates borrowers will receive at least three years of additional credit towards forgiveness JULY 1, 2024: COUNT ADJUSTMENT The Department of Ed currently expects that the payment count adjustment will be completed by July 1 It will automatically be applied to all Direct Loans and FEEL program loans Anyone without consolidated loans could miss out on credit towards forgiveness SEPTEMBER 30, 2024: FRESH START Deadline for enrollment into Fresh Start Fresh Start is a program that allows borrowers to quickly get back into good standing if they have missed a payment or are in default. SEPTEMBER 30, 2024: ONRAMP TO REPAYMENT ENDS To help borrowers successfully return to repayment, the Department of Ed created a temporary on-ramp period through September 30th, 2024. This prevents the worst consequences of missed, late or partial payments including negative credit reporting for delinquent payments Student loan repayments restarted in October 2023. Here are some important dates and deadlines that borrowers should be aware of in order to stay on top of their loans! bysavi.com *Family members are also eligible for participation S T U D E N T D E B T S O L U T I O N Savi is a public-benefit corporation founded by student loan experts and policymakers who understand the stress and hardship of student loans. We’re already providing an affordable benefit to more than 500 employers to date who are committed to the financial health of their employees. Here are the benefits we can provide you and your employees: E M P L O Y E E B E N E F I T S Savi’s Free Loan Calculator Tool Our technology will scan +150 repayment and forgiveness programs to determine which plans will save borrowers the most money Borrowers can sync their loans through our Plaid-powered technology, which automatically tracks and pulls their most up-to-date loan information 86% of Americans say they’d commit to a job for five or more years if they received student loan repayment benefits. Yet only 8% of employers offer such a benefit. When you offer Savi Essential to your employees, you add an attractive financial wellness benefit to your offerings: Average Yearly Savings Per Employee $1,800 Borrower Support and Education Savi host webinars to discuss policy updates and show employees how to get started with the tool The Savi Call Center has a wait time of under 2 seconds Premium Savi Users have access to our in-house student loan experts, where our average email response rate of 5 business Hours H R B E N E F I T S Save Time & Attract Talent Eliminate the constant back-and-forth of manual completion Digitally sign and submit requests with the majority of fields pre-filled, let Savi handle the getting forms to servicer Track user and impact metrics that can be used to support recruitment and retention efforts Average Projected Forgiveness Per Employee $40,000+ Participating Employers 500+ Total Projected Forgiveness $3b+ I M P L E M E N T A T I O N Savi does the heavy lifting: we’ve designed the implementation process to be straightforward, simple, and low-lift. Onboarding Survey (10 min)Savi Contract ( 5 min ) Attend Kick-Off Call (45 min)Launch Savi to Employees Review to confirm your institution’s enrollment in the student debt solution provided by Savi. Complete a short survey to help Savi complete the necessary steps to prepare your microsite and communication materials for launch. Attend a call with Savi to review your survey responses, talk through communications channels, and get a launch plan in place for your desired date! Use Savi’s ready-to-use communications resources to launch the benefit to employees! The program helps employees achieve meaningful savings both in their monthly budgets and in the overall cost of their college debt. An employee told us she was struggling to pay her rent but now she has that burden lifted. It’s really life changing! - Benefits Director, Boston Medical Center Ready to Launch Savi? Contact Tony@bysavi.com! Our Free Loan Calculator Tool Scans 150+ federal, state, and private repayment plans takes only 10 minutes to complete P U B L I C S E R V I C E L O A N F O R G I V E N E S S PSLF is a federal program designed to forgive the remaining balance on eligible federal student loans for borrowers who work full-time for qualifying public service employers after they make 120 payments. As of 2020, 2.16% of borrowers successfully achieved forgiveness unassisted due to application errors or administrative mistakes E N R O L L M E N T R E Q U I R E M E N T S Enroll into an Income-Driven Repayment Plan (IDR) 1) Select best IDR plan for you Complete 10-page application Recertify enrollment annually 2)Complete the Employee Certification Form Complete 6-page application Have it Signed by Employer Recertify enrollment annually 3)Complete the PSLF Application Make 120 qualifying payments Submit 6-Page Application Signed by Employer A C H I E V I N G F O R G I V E N E S S W I T H S A V I of Savi’s Users applications were accepted 98% Automated Enrollment Savi will automatically fill out and submit applications on behalf our Essential ($70 per year) and Pro ($180 per year) Join more than 500 partner employers who trust Savi to handle student loan support. We're building a better borrower and employer experience Ready to Launch Savi? Contact Tony@bysavi.com! bysavi.com Your Student Loan Benefit © SAVI 2022 – PAGE 1 ●46% of State and Local Government employees said they were extremely or very worried about paying back their student loans. 1 ●Across the public service careers and programs studied, the average student loan debt is estimated to be $12,785 for associate degree holders, $23,052 for those with a bachelor’s degree, $37,598 for workers with a master’s degree, and $70,404 for those holding a doctoral degree. 1 ●86% of Americans say they’d commit to a job for five or more years if they received student loan repayment benefits. 2 ●More than half (59%) of state and local government employees indicated they were considering voluntarily leaving their jobs in 2022. 3 1.https://research.missionsq.org/posts/posts/student-debt-in-state-and-local-government-impacts-on-select-occupations 2.https://www.nasdaq.com/articles/student-loan-repayment-assistance-aligning-workplace-benefits-with-employee-priorities 3. https://research.missionsq.org/content/media/document/2023/02/59976-slg-worker-report_final.pdf Student Loan Debt Impacts Government Employees © SAVI 2022 – PAGE 2 ●Government Employees can utilize PSLF to get their loans forgiven. ●PSLF is a federal program designed to forgive the remaining balance on eligible federal student loans for borrowers after they make 120 qualifying payments ●Student loan debt in the United States totals more than $1.7 trillion. 93% of this debt is federal. ●Among processed applications for Public Service Loan Forgiveness (PSLF), 2.3% have been accepted since November 2020.¹ Public Service Loan Forgiveness (PSLF) 1.https://educationdata.org/student-loan-forgiveness-statistics © SAVI 2022 – PAGE 3 Low awareness and uptake Complicated paperwork, high denial rate 150+ federal and state programs already exist Annual re-enrollment required $300B IN SAVINGS AVAILABLE Among processed applications for Public Service Loan Forgiveness (PSLF), 2.3% have been accepted https://educationdata.org/student-loan-forgiveness-statistics © SAVI 2022 – PAGE 4 ●Savi ensures borrowers get the best outcome ●Savi shows borrowers what their payment should be, and will correct any issues with the student loan servicer ●Borrowers can reach Savi’s call center in under 10 seconds, and our Support Team replies within 1 day Student Loan Payments Resumed in October 2023 2hrs+ Typical wait time for calling your student loan servicer 40% Borrowers that missed their first student loan payment in October 100,000 Borrowers were billed for the wrong amount in October 2022 1.3M+ MEMBERS ELIGIBLE Savi Works With Partners To Drive Borrower Savings & Impact $3B+ PROJECTED TO BE FORGIVEN $6B+ DEBT SYNCED © SAVI 2022 – PAGE 6 Student debt continues to outpace salaries ●70% of college seniors with student debt say looming repayments will impact their career plans A new repayment plan can help borrowers with high balances and lower incomes ●The SAVE Plan caps monthly payments at 5% of a borrower’s discretionary income ●The plan covers unpaid interest to prevent balances from growing © SAVI 2023 – PAGE 7 Borrowers Face a Maze of Options Confidential - Trade Secrets 7 Borrowers Face Maze of Options Forgiveness 1.Teacher Loan Forgiveness 2.Loan Forgiveness for Service in Areas of National Need 3.Civil Legal Assistance Attorney Student Loan Repayment Program 4.Income Contingent Repayment Plan Forgiveness 5.Income Based Repayment Plan Forgiveness 6.Pay As You Earn Repayment Plan Forgiveness 7.Income Based 2014 Repayment Plan Forgiveness 8.REPAYE Repayment Plan Forgiveness 9.Public Service Loan Forgiveness Repayment plans 1.DL Standard Pre-HERA 2.FFELP/DL Standard Post-HERA (4) 3.DL Graduated Pre-HERA 4.FFELP/DL Graduated Post –HERA (4) 5.DL Extended Pre-HERA 6.FFELP/DL Extended Post-HERA (4) 7.Income-Sensitive 8.Income-Contingent Ver. 1 (5) 9.Income-Contingent Ver. 2 (5) 10.Income-Contingent Ver. 3 11.Forced Income-Driven 12.Income-Based 13.Pay As You Earn 14.Income-Based 2014 15.Alternative (6) 16.REPAYE Deferment 1.School (1) 2.School Full-Time (2) 3.School Half-Time (2) 4.Post Enrollment (1) 5.Graduate Fellowship (3) 6.Unemployment Deferment – 2 years (2) 7.Unemployment Deferment – 3 years (1) 8.Economic Hardship (1) 9.Rehabilitation Training Program (3) 10.Military Service (3) 11.Post-Active Duty Student (3) 12.Teacher Shortage (2) 13.Internship/Residency Training (2) 14.Temporary Total Disability (2) 15.Armed Forces or Public Health Services (2) 16.National Oceanic and Atmospheric Administration Corps (2) 17.Peace Corps, ACTION Program, and Tax-Exempt Organization Volunteer (2) 18.Parental Leave (2) 19.Mother Entering/Re-entering Work Force (2) Forbearance Discretionary Forbearance 1.Hardship Forbearance Mandatory Forbearance 1.Medical or Dental Internship Residency 2.Dept. of Defense Student Loan Repayment 3.National Service 4.Active Military State Duty 5.Student Loan Debt Burden 6.Teacher Loan Forgiveness Mandatory Administrative Forbearance 1.Local or National Emergency 2.Military Mobilization 3.Designated Disaster Area 4.Repayment Accommodation 5.Teacher Loan Forgiveness THE PROBLEM •DL Standard Pre-HERA •FFELP/DL Standard Post-HERA (4) •DL Graduated Pre-HERA •FFELP/DL Graduated Post –HERA (4) •DL Extended Pre-HERA •Income-Sensitive •REPAYE •SAVE •Income-Contingent •+8 more… REPAYMENT PLANS (17) FORGIVENESS (9) FORBEARANCE (12) DEFERMENT (19) •Teacher Loan Forgiveness •Loan Forgiveness for Service in Areas of National Need •Civil Legal Assistance Attorney Student Loan Repayment Program •Income Based Repayment Plan Forgiveness •Pay As You Earn Repayment Plan Forgiveness •+4 more…. •Teacher Loan Forgiveness •Loan Forgiveness for Service in Areas of National Need •Civil Legal Assistance Attorney Student Loan Repayment Program •Income Based Repayment Plan Forgiveness •Pay As You Earn Repayment Plan Forgiveness •+ 7 more... •School (1) •School Half-Time (2) •Post Enrollment (1) •Graduate Fellowship (3) •Unemployment Deferment (2) •Post-Active Duty Student (3) •Teacher Shortage (2) •Internship/Residency Training (2) •Temporary Total Disability (2) •+ 10 more… PRIVATE + STATE (150+) •Alabama Math and Science Teacher Education Program (AMSTEP) •SHARP Program Primary Care Provider Loan Repayment Program (PCPLRP) •CDA Foundation Student Loan Repayment Grant (1) •Arkansas State Teacher Education Program (STEP) •California State Loan Repayment Program (SLRP) •+ 150 more… © SAVI 2022 – PAGE 8 For Government Workers Savi Handles Every Step of the PSLF Process © SAVI 2022 – PAGE 9 Solution How Savi saves users over $1,800/yr 1 Partners gets co-branded platform 2 Sync and analyze loan data 3 Scan 150+ options Automatic enrollment (Premium)4 Student loan monitoring and annual re-enrollment (Premium)5 © SAVI 2022 – PAGE 10 MEMBER EXPERIENCE © SAVI 2022 – PAGE 11 MEMBER EXPERIENCE © SAVI 2022 – PAGE 12 66% Borrowers & Partners Love Savi 66% of employees say student debt is their top source of financial stress * For each dollar the partner spends on the benefit, the borrower saves on average over $50 – money that can be spent in other productive ways.  $50:1 ROI The Savi tool simplifies and automates the thousands of forms that borrowers and HR teams are required to fill out each year. Save Time * Source: AIG - https://www.lifeandretirement.aig.com/content/dam/aig/america-canada/us-lnr/documents/pdfs/pslf-executive-summary.pdf Results © SAVI 2022 – PAGE 13 “Savi is addressing a critical information gap for millions of student loan borrowers. I’m excited about their innovative model and look forward to their continued growth.” ARNE DUNCAN, FORMER SECRETARY OF EDUCATION savi has been featured in... Oakland County, Michigan Establish the Oakland County Student Debt Relief initiative Schedule "A" R/E Fund Name Division Name Fund # (FND) Cost Center (CCN) # Account # (RC/SC)Program # (PRG) Grant ID (GRN) # Project ID # (PROJ) Region (REG) Budget Fund Affiliate (BFA) Ledger Account Summary Account Title FY 2024 Amendment R General Fund Non Department FND10100 CCN9010101 RC665882 PRG196030 665882 Planned used Fund Balance $500,000 Total Revenue $500,000 E General Fund Board of Commissioners FND10100 CCN5010101 SC731458 PRG180010 730000 Proffessional Services $500,000 Total Expenditures $500,000