ScholarShare 529 by TIAA
Higher education can offer the next generation many opportunities. They can gain new experiences and skills to make the most of their personal and professional potential. However, paying for that education can be a daunting task.
Thankfully, programs like ScholarShare 529 from TIAA can help lessen the burden and get you on track for college savings. ScholarShare 529 is an industry leader, with a 20-year track record of helping families like yours accumulate assets to cover future college costs.
With ScholarShare 529 from TIAA, you’ll have lots of advantages over regular savings:
- 100% Tax-Free Growth, which helps them accumulate more money for higher education compared to saving in a taxable account
- Tax-free withdrawals for qualified higher education expenses, like tuition, food, books, computers, and more
- The money accumulated can be used at most colleges nationwide and many abroad
- The plan offers a variety of professionally managed investment portfolios to fit your life situation, risk tolerance, and college savings goals
Register for your account in about 15 minutes and get started on your savings with any dollar amount! You can even set up regular deposits from your checking or savings accounts.
Public Service Loan Forgiveness (PSLF) Program
Savi and Hackensack Meridian Health have joined forces to reduce the burden of student loan debt for eligible team members across HMH.
While PSLF programs can help eligible borrowers save big, accessing the full benefits available to you requires in-depth knowledge of the system that many just don’t have. That’s where Savi comes in!
Think of Savi as your advocate – someone who cares as much as you do about finding the best outcome. Savi can help through two tiers of service that are simple, smart and helpful:
- Free Student Loan Checkup: Quickly see your unique repayment plan options and potential savings upon entering your personal information into Savi’s tool.
- Savi Essential Service: Track payments toward forgiveness and get convenient e-filing, one-on-one assistance, reminders and more.
The best part? These services are available to you free of charge!
Get started today by visiting HMH.BySavi.com. Be sure to check out the Quick Start Guide to better understand eligibility requirements and how to get started. And don’t forget about weekly webinars, available to help you along the way!
WHAT IS A PSFL PROGRAM?
The PSLF Program is a federal program designed to reduce the burden of student loan debt for people who work in public service. Hackensack Meridian Health is considered a public service employer for the purposes of these programs and we want you to take advantage of student loan relief. Average savings through these programs are around $1,700 a year!
Check out the FAQ section below or Quickstart Guide for more in-depth details.
CALCULATE YOUR POTENTIAL SAVINGS
Wondering if you qualify? Check out the free loan calculator today to see if you might qualify and how much Savi could help you save. Click the calculator below to get started!
SAVI – PUBLIC SERVICE LOAN FORGIVENESS FAQs
TIAA has joined forces with Savi, a social impact technology company, to help you navigate federal student loan programs. Their student loan solution will help you identify eligibility for federal income-driven repayment plans and forgiveness programs designed specifically for people who work at eligible public interest employers, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations.
This service is designed to make that process easier if you are eligible and applying.
Savi was started as a social-impact public benefit company. The people behind it are student loan experts, advocates and borrowers who have been fighting for many years to improve the broken student loan system. Savi realized that the 44+ million student loan borrowers¹ needed better and more personalized information about how to manage and repay their debt. Savi helps people navigate the valuable but complicated federal programs available to people who work in public service.
On average, Savi customers identify about $1,700 a year in savings.² Savi offers two tiers of service. 1. The Student Loan Checkup digital tool, where you can enter your personal information to assess your repayment options and potential savings via a forgiveness program. 2. The optional Savi Essential Service can help you apply for an income-driven repayment plan, track payments toward forgiveness, remind you of due dates and e-file forms. Savi will also act as an advocate if you need help along the way.
Go to https://hmh.bysavi.com and follow the path to explore your federal forgiveness options. You’ll need three things to use Savi effectively:
- Your social security number (format: 123-45-6789)
- The first page of your most recent tax transcript* or tax return
*A tax transcript is a summary of your recent tax filings that can be requested from the IRS (Internal Revenue Service). Each transcript includes important information for applying to new student loan repayment plans, such as your filing status, adjusted gross income (AGI), wages, and more.
You can request a copy of a tax transcript in about 5 minutes by visiting https://www.irs.gov/individuals/get-transcript
- Logins to any loan servicers (e.g., Navient, Nelnet, Great Lakes)
Your login information includes username or email, password, and anything else required to log into your student loan servicer’s website. Your student loan servicer website is the place you go to make payments on your student loans. This information will be used to import your student loan details into Savi during the account setup process.
You and your family members can use the Savi site and online Student Loan Checkup tool for free. Once you learn about your options and see potential savings, you can choose to apply for the programs yourself.
The Savi Essential Service provides step by step support to help you qualify and enroll in federal forgiveness programs, as well as on-going 1-1 support, reminders, and payment tracking to ensure that you remain eligible and in compliance. Savi Essential Service, is an optional, fee-based premium service that renews annually.
HMH is providing all team members with exclusive, cost-free access to the Savi Essential service! Team members will be prompted to verify their HMH email address in order to receive access to Savi’s premium offerings free of charge. Only verified HMH team members are eligible to receive cost-free access to Savi’s premium services. Family members (spouses/domestic partners, siblings, dependents, et al) are eligible to receive the Savi Essential Service at a discounted fee of $60/year.
You supply your personal data to Savi, and its unique algorithm will determine possible student loan repayment options and forgiveness programs for which you may be eligible. You choose what's best for your situation. The first step is typically to enroll in an income-driven repayment plan and then have your employer certify your employment.
If you decide you want help enrolling in federal programs, you'll get step-by-step support to help you qualify and avoid costly mistakes. You'll be able to enroll digitally so you don't have to worry about filling out and routing paper forms. Savi provides ongoing phone or chat support and enrollment reminders to help you stay in compliance with the rules.
PSLF is necessarily paired with an income-driven repayment plan. These are repayment plans that take into account your income, student debt, and personal situation and may result in lower monthly payments. The plans that qualify you for PSLF include IBR, ICR, PAYE, and REPAYE. The Standard repayment plan technically qualifies as well, but since this plan spans only 10 years, you wouldn’t have any balance left to forgive after 120 qualifying monthly payments.
Student debt you've incurred on behalf of children (Parent PLUS loans) may qualify for relief. You may need to first consolidate them to Direct Consolidation loans, but the tool will help steer you in the right direction.
The Federal Government has a program specifically for people who work for nonprofit, government or public sector employers. If you work for one of these employers, have Direct Loans, and make 120 monthly on-time payments, you may be eligible to have your remaining federal student loan debt forgiven tax-free.
Entering into PSLF or another forgiveness program requires a commitment to see it through to the end. Switching to an income-driven repayment plan (required if you are working towards PSLF) may actually cause your student debt to increase over time, which can be problematic unless you get forgiveness at the end. If you know you will not be working fulltime in a non-profit for the 120 months, then forgiveness may not be the right path for you. Individuals may want to consult their personal tax or legal adviser before making any decisions regarding the status of their student loans.
To be eligible for forgiveness, you must be a full-time employee of an eligible public interest employer, that is, at a 501(c)(3) not-for-profit school, university or hospital; in government or approved governmental entities; or at a few other public interest organizations.
You need to recertify your income yearly, but if your income decreases at any point OR you became pregnant or added a dependent, you can submit IDR paperwork to have your payment recalculated immediately to try to lower your monthly payments.
Once you’ve set up a Savi account, you can log in to your account by clicking the log-in button at the top right corner of Savi’s site. You can also refer to the link in the confirmation email you received upon registering for your account.
No. Once you're a registered user on Savi's website, you can try out the Student Loan Checkup tool first, and decide later if you'd like to take advantage of the optional administrative services available in the Savi Essential. Each year you will be asked if you want to continue with the service.