Free Tools to Save on Student Loan Debt

GREEN BAY, Wis. (WBAY) – We have a consumer first alert for people with student loans. This comes at a time when the average student borrower is starting to have more than $30,000 in debt and the federal government is resuming student loan repayments in May 2022.

Scammers target borrowers via call, text and email.

“Student loan debt really is the perfect storm for scammers,” says Lara Sutherlin, administrator for the Wisconsin Department of Agriculture, Commerce and Consumer Protection.

The DATCP and the Department of Financial Institutions helps students deal with their debts by teaching them how to avoid fraud.

“All of these federal programs are free. So if someone calls you and asks you to pay, you’re paying for something that you could get for free,” says Sutherlin. “If they ask you to pay up front before doing a job for you, that’s illegal.”

Wisconsin has partnered with student loan experts from Washington, DC-based Savi for a series of online workshops. They teach student borrowers how to repay and save.

CLICK HERE for the Savi site.

“Savi registration is free,” says Sutherlin. “It’s a reimbursement tool. And it’s a really effective tool.

Each plan is specific.

“Your best friend or husband might not see the same because we’ll customize it for you,” says Aliza Sir, Director of Partnerships at Savi.

Savi takes your student loan data, crunches the numbers, and calculates the best repayment or forgiveness options.

Savi claims to save students an average of $156 per month. Savi says that can add up to a lifetime savings of over $20,000.

“It almost sounds too good to be true and it isn’t. I would just add that at this particular time when teachers, doctors and nurses are still on the front lines of COVID, these are some of the people who can really benefit from this tool,” says Sir. “Being able to offer this financial assistance is a huge advantage. We want you to really learn something about your money because you work with us.

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