Aaron Smith 🎓 on LinkedIn: Federal Student Aid (2024)

Aaron Smith 🎓

Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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The Department of Education just released their latest Public Service Loan Forgiveness data- they are officially up to $34B in debt forgiven! The Savi team reviewed their numbers and here are the big takeaways:1. Lots of forgiveness, lots more to go! Over 500k borrowers have received complete loan forgiveness so far (from PSLF, TEPSLF, and the PSLF Waiver), out of 2M people who have submitted some forms. Of course, well over 12M student loan borrowers are estimated to work in the public sector and could benefit (if they apply).2. The average loan balance for those who received forgiveness was $68k!3. About half of all forms submitted are rejected for being incomplete or missing information. Also, the majority of forms that did not meet certification requirements were rejected because they did not have direct loans - meaning they could become eligible if they were to consolidate. Note- this is way better than the 98% rejection rate we saw a few years ago, but still way too high.4. California (42k), Florida (29k), New York (40k), Texas (31k), and Pennsylvania (23k) had the most borrowers receive total student loan forgiveness.Millions of borrowers are still eligible for forgiveness but haven’t even applied and the Savi team won’t rest until every one of these public servants gets the benefits they deserve!https://lnkd.in/e8cSq4Ur

Federal Student Aid studentaid.gov

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Kendra Kosko Isaacson

1y

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Filed my PSLF form earlier this week! Cannot wait.

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Eric Olah, MSEM

Global Emergency Management at ZeniMax Media

1y

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The issue for me is two fold: I can’t qualify since I was working on my masters and the in school forbarence doesn’t count. And 2, I don’t work in the public sector any longer, so the 10 years of service in the public sector doesn’t count. Good for those who have gotten it though!

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Luke Brown

Insurance Content Writer | Retired Insurance Regulatory & Coverage Attorney | Insurance Proselytizer

1y

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...Far be it for anyone to repay indebtedness voluntarily incurred.

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Yula Nzioki

Business Analyst | Change Management Consultant | Contact Center Leader

1y

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After two years I finally received a refund from the Borrowers Defense suit! Sweet vs. Devos!

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    Very excited for this partnership between Savi and Panthers Forward. It's always tough figuring out repayment options after you graduate and hopefully this will make the transition a little easier.

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    It was great to go to the White House today with the Savi team as part of the "SAVE Day of Action." More and more organizations, including employers, membership groups, financial institutions, and universities are stepping up to help student loan borrowers find out about critical programs like SAVE and PSLF that can be life-changing for people. We are excited to be part of this important event.

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  • Aaron Smith 🎓

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Historically, restaurant workers haven't had access to education benefits, yet many have student debt. According to Equifax, 20% of workers in this industry have student debt and pay an average of $236 a month in student loans. Today, we're excited to announce Savi's partnership with Hart House, a restaurant chain founded by Kevin Hart, to offer student loan repayment assistance to their employees. Thanks to the leadership of Hart House CEO Andy Hooper, all Hart House employees, including part-time workers and new hires, will have access to Savi's platform and services, where they can potentially save thousands of dollars in student loan payments. To get more insight into this partnership and how we're helping workers tackle student debt, read the full article below from Amanda Schiavo at HR Brew ™️. https://lnkd.in/dPaRy9mv

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    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Excited for the event today at SXSW EDU. Thanks to WGU Labs for hosting this important conversation about new ways to address student debt.

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    I sat down with Ryan C Weiss at Effective Performance Strategies to discuss why it’s important for employers to provide student loan repayment benefits. Student debt is a top financial challenge for many employees. As student loan payments resume, there’s never been a more critical time for employers to step in and help their employees. By providing benefits like Savi employers can attract and retain employees and help them achieve financial wellness. To learn more about Savi and how we’re helping solve the student debt crisis, here is the full interview. https://lnkd.in/eSKPpEZ3

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    I recently spoke with FinTech at Indiana University to share my journey in entrepreneurship and advice for college students looking to become startup founders. Here are my top three takeaways for future entrepreneurs: 1. You’ll never have more time to start a business than when you’re in school.2. Find what you are truly passionate about and where you’re willing to invest time and effort and do that.3. As you think about a business concept, think about the biggest pain points that still need to be addressed and how you can solve that problem. Thank you, James Demircioğlu and Eric Wong, for having me on the show and the chance to talk about Savi. Check out the full interview here. https://lnkd.in/eHUXTAQG

    ‎FinTech @ IU: Episode 23: Aaron Smith - Revolutionizing Student Loan Management, Navigating Educational Costs, Savvy's Innovative Solutions, and Empowering Financial Decisions in Modern Academia on Apple Podcasts podcasts.apple.com

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  • Aaron Smith 🎓

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    40% of student loan borrowers missed their first payment in October, according to the Department of Education. Employers can play a big role in supporting workers with debt. I talked to Deanna Cuadra about options that employers should consider for offering a student loan benefit and how Savi can help.https://lnkd.in/ex5izfGf

    40% of student loan borrowers are missing payments. 3 ways employers can help benefitnews.com

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  • Aaron Smith 🎓

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Maryland, right in my backyard, tops the list of highest average student loan debt with over $43,116 per borrower! Followed by Georgia, Virginia, Florida. Happy for Savi to participate in this fascinating article by Deanna Cuadra in Employee Benefit News. https://lnkd.in/eucVRrFK

    10 states with the highest student loan debt benefitnews.com

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    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Great and timely article by Alisa Wolfson on what borrowers should know about student loan refinance with payments resuming this month, citing Savi. https://lnkd.in/eaqRSwxj

    Yikes, your student loan payments will be due this month. Is the right move to refinance? marketwatch.com

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Aaron Smith 🎓 on LinkedIn: Federal Student Aid (2024)

FAQs

How do I know if a student loan forgiveness call is real? ›

How To Spot 6 Student Loan Forgiveness Scam Warning Signs
  1. Promises immediate student loan relief. ...
  2. Want you to pay money up front. ...
  3. Ask you for your SSN or other sensitive information. ...
  4. Claim to be affiliated with a government agency. ...
  5. Use high-pressure sales tactics. ...
  6. Want you to sign a form giving them power of attorney.

Who owns federal student aid? ›

Federal student loans are owned by the U.S. Department of Education while private student loans are owned by the financial institution that granted them. Learn more how who owns student loans and how to find out who owns your student loan.

Is FAFSA run by the government? ›

Federal student loans are made by the government, with terms and conditions that are set by law, and include many benefits (such as fixed interest rates and income-driven repayment plans) not typically offered with private loans.

Does student aid call you? ›

You might get a call from someone saying they're affiliated with Federal Student Aid (FSA) or the Department of Education. (They're not.)

Will I be notified if my student loan is forgiven? ›

Your student loan servicer(s) will notify you directly after your forgiveness is processed. Make sure to keep your contact information up to date on StudentAid.gov and with your servicer(s). If you haven't yet qualified for forgiveness, you'll be able to see your exact payment counts in the future.

How do I know if I was selected for student loan forgiveness? ›

Log in to StudentAid.gov to track your Public Service Loan Forgiveness (PSLF) application status or PSLF progress. Contact the Federal Student Aid Information Center at 1-800-433-3243 with additional questions.

Is FAFSA a loan or free money? ›

It is not the financial aid itself. However, the FAFSA enables the student to qualify for many types of financial aid from several sources. Some of this money is free money, some must be earned through work, and some must be repaid. There are three main types of financial aid.

Do you have to pay back financial aid? ›

You are generally required to repay your student loan, but in certain situations, your loan may be forgiven, canceled, or discharged.

Can private student loans be forgiven? ›

Private student loans are only forgiven when the borrower becomes permanently disabled or dies. Your relief options will depend on your lender and loan agreement. Contact your lender and discuss your financial situation before defaulting on your student loans.

Can financial aid see your bank account? ›

Students selected for verification of their FAFSA form may wonder, “Does FAFSA check your bank accounts?” FAFSA does not directly view the student's or parent's bank accounts.

How to track down someone who scammed you? ›

Explore Online Footprints: The digital age leaves traces, and the scammer's online activity can be a valuable source of leads. Utilize social media platforms to search for the scammer's name or usernames. Look for any profiles or accounts that match details they provided you with.

Is federal student aid safe? ›

We encrypt your information to protect it during transmission over the internet. This site can use three levels of encryption: 40-bit, 56-bit, and 128-bit encryption.

Will they call me for student loan forgiveness? ›

If you receive a phone call or letter offering you immediate loan forgiveness for a fee, it's probably a scam.

Is there any real student loan forgiveness? ›

Public Service Loan Forgiveness (PSLF)

If you work full time for a government or nonprofit organization, you may qualify for forgiveness of the entire remaining balance of your Direct Loans after you've made 120 qualifying payments—i.e., 10 years of payments.

How do I know if a loan company is scamming me? ›

How to spot a personal loan scam
  • Do they ask for money upfront? You should never have to pay money before you get your loan funds. ...
  • Are they using high-pressure sales tactics? ...
  • Do they check your credit? ...
  • Did they approach you about the loan? ...
  • Do they have a physical address? ...
  • Do you feel comfortable with the company?

What's the official site for student loan forgiveness? ›

Student Loan Debt Relief

Visit StudentAid.gov/debtrelief to learn more about the actions President Biden announced following the decision and find out how this decision impacts you.

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