The latest impact report from the partnership between the University of Pittsburgh, our retirement plan administrator TIAA, and public benefit company Savi is showing that more Pitt employees than ever before are taking control of their student loans through Pitt's Savi program benefit.
The Savi benefit provides public service and nonprofit workers a digital process to simplify the student debt management experience and help them determine qualification for student loan forgiveness, identify potential savings, navigate through enrollment, maintain eligibility, and provide a clear path to applying for full forgiveness.
The University offers employees free access to the Savi Essential service, a $80 annual savings, which allows employees to receive access to one-on-one support from Savi's team of student loan experts via email and live chat. Enrollees can get important student loan policy updates; identify ways to save money on monthly payments and maximize credits towards Public Service Loan Forgiveness (PSLF), including consolidation; have forms for Income Driven Repayment Plans, Teacher Loan Forgiveness, and Public Service Loan Forgiveness digitized and submitted to the Dept. of Education automatically; and receive annual enrollment and recertification reminders. Learn about enrolling in Savi here.
Savi - by the numbers
It is estimated that approximately 3,080 Pitt employees may have student loans. Since the University started offering the Savi benefit in 2022, we have had 3,008 Essential plan enrollments.
With a combined student loan debt amount of more than $113 million, we have more than $63 million in total projected loan forgiveness for Pitt employees.
The average projected forgiveness amount is over $53,400 for Pitt employees participating in the Savi Essential plan.
The average projected monthly savings is nearly $100 for Pitt enrollees.
Pitt employees seeing big results
As borrowers hear back from loan servicer Mohela on their PSLF applications, Savi encourages them to share news of forgiveness.
Here are some of the 2021-2025 self-reported forgiveness amounts from Pitt employees so far:
| Adam W., $110,000 | Michael B., $41,000 | Brian W., $25,000 |
| Kathleen M., $42,000 | Sara P., $24,000 | Michelle G., $7,000 |
| Richard J., $11,000 | Keith C., $27,000 | Stephanie J., $89,000 |
| Christine M., $10,000 | Jeffrey P., $49,000 | |
| Joel C., $52,000 | Sarah B., $209,000 |
Real relief for Pitt employees
"It's inspiring to see so many Pitt faculty and staff members taking proactive steps to ease the burden of student debt. With nearly $100 in average monthly savings and more than $53,000 in projected forgiveness per person, these numbers represent real relief and real impact in people’s daily lives," Pitt Director of Benefits Melissa Kluchurosky said. "Programs like Savi are helping our colleagues breathe a little easier and plan more confidently for their future."
Pitt Adjunct Professor Chris Belasco, School of Public and International Affairs, used the Savi Program to first consolidate his private student loans, and then to achieve Public Service Loan Forgiveness, eliminating $50,000 in student loan debt. Here's what he had to say about Savi:
"Savi coached me through the loan consolidation process with the Department of Education, and then we started to work on the loan forgiveness journey. My Savi representatives were able to provide me the knowledge, continuity, and encouragement to work with my loan servicer to see it all through. Having a service like Savi gives you the opportunity to make sure that your questions can be answered--it’s like having a guide through the process to make sure you’re doing it the best way. If you have student debt, enroll in the benefit. Get in touch with them and talk about how the student debt options work for you and make sure you’re on the right pathway to handling it best. It’s fantastic that this exists in the package of benefits for Pitt employees."
- Chris Belasco
Share Your Savi Success Story
If you're a Pitt employee who's taken advantage of the Savi benefit to significantly reduce your student loan debt, we'd love to hear from you and help you share your Savi success story! Please email our OHR Communications Team if you're willing to share with your colleagues how the benefit program has worked for you.