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Has your income been impacted by COVID-19?

Student Loan Impacts of COVID-19 Crisis


Borrowers who lose their job or have their hours cut may be eligible for a reduced monthly payment as low as $0 per month for 1 year through a Federal Income-Driven Repayment (IDR) Plan. Student Debt Crisis and Savi have developed a FREE tool to make that process much easier.

Also, on March 27th, the government passed new legislation pausing student loan payments and interest on federal loans until September 30th. It is critically important that distressed borrowers use this time to get their student loans on track.

You may be able to Lower or
Eliminate Your Student Loan Payments

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About the Free COVID-19 Student Loan Aid Tool


The advocates at Student Debt Crisis and experts at Savi have come together to create this automatic sign-up tool for people who lose their jobs or have their hours cut due to COVID-19. If your income goes down suddenly, you are eligible to have your student loan payment reduced under the government income-driven repayment programs. Student Debt Crisis is the nation's largest student loan advocacy organization. Savi has agreed to provide our student loan technology to support this important public education effort.

You can't predict everything, but we can get through it together.


When faced with a life-changing event, like being laid off or reduced hours during a health crisis, student loans should be the last thing on your mind.

According to the US Department of Education, "Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your repayment could be as low as $0 per month."

Find out if you're eligible to Lower or Eliminate
your student loan payments

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Frequently Asked Questions


Q. How does this work?


Most federal student loans are eligible for at least one income-driven repayment plan. If your income is low enough, your payment could be as low as $0 per month. The White House recently announced a pause on federal student loan interst, meaning that you can now reduce your payment without accruing interest. The COVID-19 Student Loan Aid tool automates the application process for those who lost their job or had their hours reduced. It will typically take 2-4 weeks for your servicer to process the lower payment. Given the COVID-19 pandemic, there may be longer than normal delays. Please call your servicer if you do not hear anything to follow-up.


Q. Is there any cost?


No. The COVID-19 Student Loan Aid tool has just been made free-of-charge to the public to improve the application process during this time of crisis. We will never sell users data.


Q. Can borrowers really reduce loan payments to zero?


Yes. income-driven repayment plans base payments on income level at the time of application, so if a borrower (or their spouse) has lost a job, they may qualify for waiving payments altogether for 12 months at a time. If a borrower has had their income reduced, through a cutback on hours or taking lower-wage employment, the payment would scale according to the new income at time of application.


Q. Is this payment relief approved by the federal government?


The federal government offers various Income-Driven Repayment (IDR) options which student borrowers should review when they have a change in income. This online tool automates the federal application process to reduce mistakes, simplify the process, and save time. It is normally available as a member or employee benefit subsidized by member organizations like the National Education Association or by employers – but is being made free to the public in response to the novel coronavirus crisis.


Q. Won’t waiving payments actually cost borrowers more over time?


The federal government announced on March 13, 2020 it is waiving interest on federal student loans during the COVID-19 crisis.


Q. What does Savi get out of this?


Savi is a social impact Public Benefit Corporation founded by student borrower advocates – and responding to a crisis in partnership with nonprofit leaders in the sector. Savi will provide state-of-the-industry privacy protections, will not market other services to users, and will not sell user contact information to any third parties. This is a limited tool designed to provide immediate help during the COVID-19 crisis, and due to high volume this tool will only currently support income-driven repayment applications.


Q. How long will this service be offered free of charge?


The economic impacts of the Coronavirus will last longer than the health impacts – and neither are known at this time. Savi and the nonprofit advocates supporting this effort are committing to offering the application tool for free at least through July 1, 2020 with an extension possible based on economic conditions. That means an application approved by the end of June could provide payment relief through the end of June 2021.

Spread this tool, not the virus.

With 46 million Americans collecting over $1.6 trillion in student loan debt, your friends and family are bound to be facing challenges with their loans during the coronavirus outbreak.
Share our financial relief tool with them for free

Media inquiry? Contact press@bysavi.com.