Student debt relief initiative in partnership with Savi

July 22, 2024, Pontiac, Mich. – Oakland County is helping to alleviate the financial burdens of student debt for Oakland County residents. The Oakland County Student Debt Relief Initiative, established by the Board of Commissioners in collaboration with County Executive Dave Coulter’s administration, will create an innovative partnership with Savi, a social impact company dedicated to lowering student loan payments and facilitating the loan forgiveness process for borrowers.

The Board of Commissioners adopted a resolution at its July 18 meeting to allocate up to $500,000 for the program, which is led by Chair David T. Woodward (D-Royal Oak) and Commissioner Brendan Johnson (D-Rochester Hills). This agreement will ensure 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. “This initiative demonstrates our commitment to supporting the future of Oakland County.”

Savi’s platform is designed to help borrowers throughout the entire journey of their loan, from assisting them in finding new repayment or forgiveness options to enrolling them into the plans and providing ongoing support if they run into any issues with their student loan servicer. Today, Oakland County has 172,000 residents who collectively carry $6 billion in student debt. Through Savi’s platform, residents can potentially save thousands of dollars in student loan payments.

“Oakland County is committed to providing meaningful financial relief to our residents,” Coulter said. “This partnership with Savi will make a real difference in reducing the student debt burden and enhancing the economic well-being of our community.”

Tobin Van Ostern, the co-founder of Savi, agrees with Coulter about the impact this partnership will have across the community.

“Oakland County is leading the way for the nation when it comes to helping residents with student loan debt. We are humbled to be a part of Oakland County’s Student Debt Relief Initiative that will help thousands of residents tackle one of the biggest financial burdens millions of Americans face: student loans,” said Van Ostern. “Through this partnership, Oakland County residents will have the ability to quickly find and maximize savings through their new repayment and forgiveness options.”

Student debt in America has soared to exceed $1.6 trillion, exceeding credit card debt and trailing only mortgage debt. In Oakland County, thousands of residents face this growing financial challenge.

“The Oakland County Student Debt Relief Initiative represents a significant milestone as the first county-wide program of its kind in the United States, setting a precedent for other counties to follow,” Woodward said.

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.

“We applaud Oakland County leaders for initiating this opportunity for its residents,” said Glenn McIntosh, senior vice president for student affairs and chief diversity officer for Oakland University, where the announcement was held. “This initiative demonstrates a strong commitment to enhancing the well-being of our community. We are excited to see the positive impact it will have on the lives of Oakland County residents.”

To date, Savi has identified over $3 billion in loan forgiveness, with an average forgiveness amount of $25,553 for qualifying borrowers.

A public dashboard will be developed and made accessible on the county’s website. It will showcase the benefits and impact of the Oakland County Student Debt Relief Initiative for residents and employees.

For more information about the Board of Commissioners, please visit OakGov.com/BOC or call 248-858-0100.