📢Student Loan Update: What’s New and Where to Get Help

This guest post comes from Savi, one of our vetted SaverPerks partners. Savi is a trusted expert in student loan debt and repayment, and they’ve helped millions of Americans reduce their monthly student loan payments through tools, programs, and guidance. As one of our vetted referral resources, they’re here to break down the latest changes in student loan repayment and share actionable tips to help you take control of your loans.

Student Loans Are Changing and Here’s What You Need to Know
Student loan borrowers are facing major changes this spring and summer, changes that could impact your paycheck, your tax refund, and even your ability to save.

Collections Are Back for Defaulted Loans
Starting May 5th, the federal government resumed collections on defaulted student loans. That means if your loans are in default, you may be at risk of wage garnishment, tax refund seizures, or reductions to your Social Security payments. This is the first time in over five years that collections will be enforced again, as they were paused during the COVID-19 forbearance.

What This Means for Your Finances
Defaulting on a student loan doesn’t just affect your credit; it can directly reduce your take-home pay and threaten your ability to build or maintain emergency savings. SaverLife members know that saving even small amounts regularly makes a difference, but collections can make that feel impossible.

Take Action Now to Protect Your Paycheck and Savings
If you’re in default, there are still steps you can take to get back in good standing and avoid collections. Programs like loan rehabilitation allow you to make a series of affordable monthly payments and, once completed, remove the default from your record. It’s one of the few ways to reverse the long-term impact of default and regain access to benefits like income-driven repayment and forgiveness programs.

Savi can help you understand your options and guide you through the process—so you don’t have to figure it out alone.

SaverLife Members Have Access to Savi
Here’s the good news: As a SaverLife member, you have access to Savi, a powerful tool that helps you manage your student loans with confidence. Savi helps you:

• Check your loan status and see if you’re at risk of collections
• Find the right repayment plan, including affordable options based on your income
• Apply for forgiveness programs you may qualify for
• Stay on track with reminders and support so you don’t miss a step

If you’re worried about monthly payments or unsure what to do next, Savi can guide you on what to do next. 

Protect Your Paycheck and Savings
Student loan challenges can make it harder to budget or save for the future, but you don’t have to face them alone. Savi is here to help you avoid the worst-case scenarios, make smart decisions, and keep moving toward your financial goals.

Get started at saverlife.bysavi.com today.