Oakland County connects residents to free student debt relief services

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Around 172,000 Oakland County residents have student loan debt, totalling around $6 billion. Now the county government is investing in helping borrowers find relief.

In July, the Oakland County Board of Commissioners allocated $500,000 for the Student Debt Relief Initiative, a partnership between the county and Savi, a technology startup connecting student loan borrowers to repayment and loan forgiveness opportunities.

The partnership ensures that all county residents and employees will be able to access Savi’s services for free for one year once they register , which the county says takes 10 minutes. The countywide program is the first of its kind in the nation, according to a news release.

“Oakland County is committed to providing meaningful financial relief to our residents,” Oakland County Executive Dave Coulter said in a news release Monday. “This partnership with Savi will make a real difference in reducing student debt burden that all too often holds people back from doing things like buying homes or cars or starting a family.”

The goal for the county is to use this new partnership with Savi to connect student loan borrowers with repayment and forgiveness tools that will reduce the burden of debt on residents’ everyday lives by providing guidance through the loan process and potentially save residents thousands of dollars.

A helping hand to connect borrowers to resources can have a community-wide positive impact, Tobin Van Ostern, the co-founder of Savi, said in a news release Monday.

“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,” Van Ostern said.

According to Oakland County, Savi connected borrowers to over $3 billion in loan forgiveness, saving the average borrower $25,553 when they qualify for student loan forgiveness.

Nationally, students in the U.S. owe more than $1.6 trillion in student loans, posing significant strain on millions of borrowers as the cost of living outpaces wages .

The Savi portal is running and Oakland County residents are encouraged to find answers to frequently asked questions on the county’s website.

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