New Oakland County Program Helps Ease Student-Loan Debt: What To Know
OAKLAND COUNTY, MI — Oakland County residents with student loan debt will soon have a new resource to help ease the financial strain.
Oakland County officials announced last week they are partnering with Savi, a social impact company that focuses on lowering student loan payments and facilitating the loan forgiveness process for borrowers.
The new program will help borrowers navigate their finances throughout the entire journey of their loan. Options include helping borrowers find new repayment or forgiveness plans, and additional support if they run into any issues with their student loan servicer.
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County officials allocated $500,000 for the program, which is led by Chair David T. Woodward (D-Royal Oak) and Commissioner Brendan Johnson (D-Rochester Hills), to ensure every that all county residents and employees with student loan debt will have access to Savi’s services for one year at no cost.
“Reducing student debt is a crucial step towards promoting economic prosperity and alleviating financial stress for our residents,” said Johnson, who carries college debt said. “This initiative demonstrates our commitment to supporting the future of Oakland County.”
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As of Wednesday, Oakland County has 172,000 residents who collectively carry $6 billion in student debt, according to county data.
A public dashboard will be developed and made accessible on the county’s website soon. It will showcase the benefits and impact of the Oakland County Student Debt Relief Initiative for residents and employees. The program is expected to launch in September.
Student debt in America has soared to more than $1.6 trillion, exceeding credit card debt and trailing only mortgage debt.
Recent executive actions by the Biden-Harris Administration, including the Saving on a Valuable Education (SAVE) plan and the Public Service Loan Forgiveness (PSLF) program, have expanded opportunities for debt forgiveness and reduction.
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