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 NEA Student Debt 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 NEA Student Debt Navigator.*
Free Student Loan Checkup
The NEA Student Debt 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.
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.
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, pick a repayment plan and easily enroll. Savi will provide ongoing advice, tools, and information.
Enjoy free premium service for one year
While NEA members have had free access to the basic version of the online Student Debt Navigator, the premium version was available for a fee of $29.95 per year, which was discounted from the $99 annual cost to the general public.
Now, NEA members can enroll in the premium version of the NEA Student Debt Navigator for a full year at no cost!
The major advantage of the premium version of the Navigator is that it provides the technical support of Savi’s student loan experts who can answer members’ questions and help them fill out and e-file their student or public service loan forgiveness applications. This personal assistance greatly increases the likelihood that members will successfully complete the process and, hopefully, reduce or eliminate some of their student loan debt.
Frequently Asked Questions
What information do I need to complete the tool?
Here's what you'll need to complete the tool and get your student loan options:
- Social security number: Your SSN is used by the Department of Education to determine your eligibility for different student loan repayment plans.
- Most recent tax return or tax transcript.
- Servicer login information: Your login information can include a username or email, a password, and anything else required to log into your student loan servicer's website, e.g. a PIN. This information will be used to import your student loan details into Savi during the account setup process.
What is an income-driven repayment plan?
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.
What are my options for student loan forgiveness?
As a teacher, there are a few key ways to get your loans forgiven:
- Public Service Loan Forgiveness (PSLF): The PSLF Program forgives the remaining balance on your direct loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
- Teacher Loan Forgiveness: If you teach full-time for five complete and consecutive academic years in a low-income school or educational service agency, and meet other qualifications, you may be eligible for forgiveness of up to $17,500 on your Direct Subsidized and Unsubsidized Loans and your Subsidized and Unsubsidized Federal Stafford Loans.
- Teacher Loan Cancellation: Certain teachers can qualify for cancellation of up to 100 percent of a Federal Perkins Loan if you have served full-time in a public or nonprofit elementary or secondary school system and meet certain employment criteria.
Click here to access the NEA Student Debt Navigator.*
*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.