Student loan debt averages more than $30,000 per borrower and it can be a very difficult obligation to meet, especially for someone beginning their career in education.
NEA Member Benefits has partnered with Savi to provide a unique student loan benefit to NEA members.
The Student Loan Forgiveness Navigator is a free online student loan evaluation tool that determines your eligibility for federal repayment and forgiveness programs. Just answer a few questions on a secure website, and the Loan Forgiveness Navigator will do the rest.
Click here to access the Student Loan Forgiveness Navigator.*
The Student Loan Forgiveness Navigator checks your loans against free federal repayment and forgiveness programs. The average user finds over $1,500 per year in new savings. As an educator, you may also be eligible for special teacher forgiveness programs.
When you are completing the Student Loan Forgiveness Navigator, you will enter your basic personal information, tax information, and can sync your student loans. Have a recent tax return and student loan statement available to make your registration run as efficiently as possible.
Pick a repayment plan and easily enroll. Savi will provide ongoing advice, tools and information.
The online calculator will allow you to determine your repayment options and show you what your potential savings could be completely for free. Once you see your options, you can choose to apply for the programs yourself.
As an NEA Member, you can also take advantage of a convenient e-filing service and get one-on-one support from student loan experts for $29.95, a 66-percent discount from the non-member rate.
Here's what you'll need to complete the tool and get your student loan options:
An income-driven repayment (IDR) plan sets your monthly student loan payment at an amount that is intended to be affordable based on your income and family size. There are a variety of IDR plans, including Revised Pay As You Earn Repayment (REPAYE), Pay As You Earn Repayment (PAYE), Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR) plans, each with their own unique rules. For example, the REPAYE plan caps your monthly payments at 10 percent of your monthly income. The Forgiveness Navigator includes all of your federal repayment plans and does the math for you.
As a teacher, there are a few key ways to get your loans forgiven:
*Members must create an account to access the tool. If you experience any issues, call the NEA Member Service Center at 1-800-637-4636.
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