In today’s challenging economic climate, financial security feels increasingly out of reach for many professionals, especially those burdened by student loan debt. For local government employees, this burden can significantly impact their ability to save for retirement and build a stable future. 

Fortunately, nearly all city employees qualify for valuable loan forgiveness programs like Public Service Loan Forgiveness (PSLF), but navigating these systems can be daunting.

ICMA, committed to supporting its city employees’ financial well-being, continues its strategic partnership with Savi, a leading student loan benefits provider. Savi simplifies the process of maximizing savings through federal and state forgiveness programs. Offering tiered service levels, including a free option and deeply discounted comprehensive support for ICMA members and their staff, Savi provides crucial clarity and assistance in a landscape of ever-changing student loan policies.

Savi has already identified over $4 billion in projected loan forgiveness for its users, with an average reduction of $187 per month in student loan payments. This translates to real, tangible relief for individuals and families. Moreover, while only 2.3% of processed Public Service Loan Forgiveness (PSLF) applications have been accepted since November 2020, Savi’s streamlined forms and expert debt navigators boast an impressive 99% application acceptance rate.

The Importance of Student Debt Relief for Government Professionals

The Mission Square Research Institute reports that “public sector staff are more likely to view student loan debt as a major factor in considering whether to seek other employment (38%) compared to private sector staff (25%).” ²

This highlights the correlation between financial stress and employee retention. By providing access to Savi, ICMA empowers city leaders to address this critical issue head-on.

Furthermore, the research indicates a significant information gap: “Only 29% of public sector employees report their employers informing them about Public Service Loan Forgiveness programs.” ³ ICMA is bridging this gap, proactively promoting Savi as a vital resource, enabling employees to leverage these programs and achieve their long-term financial goals, including retirement planning.

Call to Action

For Government Leaders: 

To enhance your employee benefits package and foster financial well-being, contact Tony Raffa, director of business development at Savi, at tony@bysavi.com.

For Government Employees: 

To access this valuable benefit, please reach out to your organization’s department head or human resources office.

About Savi

Savi is a social impact technology startup in Washington, D.C., working to solve the student debt crisis affecting 46 million borrowers by helping them discover new repayment and loan forgiveness options. Founded by long-time student loan experts and advocates, Savi is a public benefit corporation that works with employers, membership organizations, and financial institutions to provide our service as a unique student loan benefit.