Understand and Manage Your Student Loans

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COVID-19 and Student Loan Management

Free Student Loan Aid Tools to Reduce or Eliminate Payments During the COVID-19 Pandemic

Student Borrower Protection Center Tools

The Student Borrower Protection Center is a nonprofit organization solely focused on alleviating the burden of student debt for millions of Americans. The SBPC engages in advocacy, policymaking, and litigation strategy to rein in industry abuses, protect borrowers’ rights, and advance economic opportunity for the next generation of students.

  • Managing Student Loan Debt during COVID-19
    This comprehensive presentation will help borrowers repay and manage their student loans. With a number of measures to support student loan borrowers created as part of the CARES Act, there is a great deal of new information that has altered the landscape for student loan borrowers. In this presentation, experts from SBPC inform borrowers how these changes affect the status of their student loans and what they need to know to properly manage them.

COVID-19 Student Loan Aid Tool

NASW’s student loan technology partner, Savi, has teamed up with Student Debt Crisis, the nation’s leading nonprofit student loan advocacy organization, to offer free assistance to student loan borrowers to apply for income-driven repayment (IDR) plans if they or their spouses get laid off or their income is reduced as a result of COVID-19.

The COVID-19 Student Loan Aid Tool automates applying for IDR plans, potentially reducing or eliminating student loan payments for up to 12 months at a time for those whose income has gone down. As a result of the pandemic, the Trump administration has begun waiving interest on federal student loans—but not reducing monthly payments. Reducing or eliminating payments will not rack up extra interest during the crisis.

IDR is an existing option for borrowers, and loan servicers can usually implement the new payment level in about two weeks—but the application process can be confusing, time-consuming, and prone to delays due to data entry and filing errors. This tool leads borrowers through a simple process and files the application for them.

Manage Your Student Loan Debt with Savi

Student loan debt is a burden for social workers. More than 80% of BSW and MSW graduates carry loan debt, according to the Council on Social Work Education.

Managing your student loans as a social worker comes with unique challenges. Many social workers have both undergraduate and post-graduate education, leading to more debt than for many other professionals. And a high percentage of social workers are employed in the public sector or in non-profit agencies. While this can often mean lower salaries than in the private sector, it also means potential benefits from the federal government for student loan repayment.

NASW advocates for loan forgiveness for social workers as part of our ongoing work to improve working conditions and salaries, to support social work professionals and to ensure that consumers have continued access to qualified professionals.

NASW has now partnered with Savi, a student loan technology company, to provide our members with access to resources and expertise to better understand, manage, and repay student loan debt. The Savi Student Loan Tool analyzes repayment and forgiveness programs to help borrowers make better decisions and determine the best solution, and can also provide digital enrollment and re-enrollment each year.

Members can select a free account to explore options at no cost, or choose a member-discounted premium account to get help enrolling and submitting application paperwork directly to loan servicers, and access one-on-one support with student loan experts. According to Savi, users have a projected average savings of $2,064 a year, and save hours in paperwork and anxiety.

Think you qualify for Public Service Loan Forgiveness (PSLF) but don’t know where to start?

Savi guides you step by step through the PSLF application and enrollment process, working directly with your servicer and employer to ensure you’re on the right track towards student loan forgiveness.

With a free DIY account, members can:

  • Get a personalized estimate: Input your loan info to see all available options.
  • Review options: Compare all your repayment options side-by-side, including potential forgiveness for eligible borrowers.
  • Access resources: Complete forms for your chosen repayment plan and/or forgiveness program, and file them on your own.

With a $29.95 premium Essential account, members can also:

  • Enroll: Pick a repayment plan and/or forgiveness program, and quickly enroll through Savi’s paperless application process
  • Monitor: Ensure you never miss your re-certification deadline with the Savi Student Loan Tool. Get ongoing advice, tools, and information about the status of your loans throughout the year
  • Get Support: Receive unlimited access to one-on-one support with Savi student loan experts