Aaron Smith ๐ŸŽ“ on LinkedIn: Federal Student Aid (2024)

Aaron Smith ๐ŸŽ“

Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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The Department of Education just released their latest Public Service Loan Forgiveness data- they are officially up to $34B in debt forgiven! The Savi team reviewed their numbers and here are the big takeaways:1. Lots of forgiveness, lots more to go! Over 500k borrowers have received complete loan forgiveness so far (from PSLF, TEPSLF, and the PSLF Waiver), out of 2M people who have submitted some forms. Of course, well over 12M student loan borrowers are estimated to work in the public sector and could benefit (if they apply).2. The average loan balance for those who received forgiveness was $68k!3. About half of all forms submitted are rejected for being incomplete or missing information. Also, the majority of forms that did not meet certification requirements were rejected because they did not have direct loans - meaning they could become eligible if they were to consolidate. Note- this is way better than the 98% rejection rate we saw a few years ago, but still way too high.4. California (42k), Florida (29k), New York (40k), Texas (31k), and Pennsylvania (23k) had the most borrowers receive total student loan forgiveness.Millions of borrowers are still eligible for forgiveness but havenโ€™t even applied and the Savi team wonโ€™t rest until every one of these public servants gets the benefits they deserve!https://lnkd.in/e8cSq4Ur

Federal Student Aid studentaid.gov

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Kendra Kosko Isaacson

1y

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Filed my PSLF form earlier this week! Cannot wait.

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Eric Olah, MSEM

Global Emergency Management at ZeniMax Media

1y

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The issue for me is two fold: I canโ€™t qualify since I was working on my masters and the in school forbarence doesnโ€™t count. And 2, I donโ€™t work in the public sector any longer, so the 10 years of service in the public sector doesnโ€™t count. Good for those who have gotten it though!

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Luke Brown

Insurance Content Writer | Retired Insurance Regulatory & Coverage Attorney | Insurance Proselytizer

1y

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...Far be it for anyone to repay indebtedness voluntarily incurred.

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Yula Nzioki

Business Analyst | Change Management Consultant | Contact Center Leader

1y

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After two years I finally received a refund from the Borrowers Defense suit! Sweet vs. Devos!

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    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Very excited for this partnership between Savi and Panthers Forward. It's always tough figuring out repayment options after you graduate and hopefully this will make the transition a little easier.

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    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    It was great to go to the White House today with the Savi team as part of the "SAVE Day of Action." More and more organizations, including employers, membership groups, financial institutions, and universities are stepping up to help student loan borrowers find out about critical programs like SAVE and PSLF that can be life-changing for people. We are excited to be part of this important event.

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  • Aaron Smith ๐ŸŽ“

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Historically, restaurant workers haven't had access to education benefits, yet many have student debt. According to Equifax, 20% of workers in this industry have student debt and pay an average of $236 a month in student loans. Today, we're excited to announce Savi's partnership with Hart House, a restaurant chain founded by Kevin Hart, to offer student loan repayment assistance to their employees. Thanks to the leadership of Hart House CEO Andy Hooper, all Hart House employees, including part-time workers and new hires, will have access to Savi's platform and services, where they can potentially save thousands of dollars in student loan payments. To get more insight into this partnership and how we're helping workers tackle student debt, read the full article below from Amanda Schiavo at HR Brew โ„ข๏ธ. https://lnkd.in/dPaRy9mv

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  • Aaron Smith ๐ŸŽ“

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Excited for the event today at SXSW EDU. Thanks to WGU Labs for hosting this important conversation about new ways to address student debt.

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    I sat down with Ryan C Weiss at Effective Performance Strategies to discuss why itโ€™s important for employers to provide student loan repayment benefits. Student debt is a top financial challenge for many employees. As student loan payments resume, thereโ€™s never been a more critical time for employers to step in and help their employees. By providing benefits like Savi employers can attract and retain employees and help them achieve financial wellness. To learn more about Savi and how weโ€™re helping solve the student debt crisis, here is the full interview. https://lnkd.in/eSKPpEZ3

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  • Aaron Smith ๐ŸŽ“

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    I recently spoke with FinTech at Indiana University to share my journey in entrepreneurship and advice for college students looking to become startup founders. Here are my top three takeaways for future entrepreneurs: 1. Youโ€™ll never have more time to start a business than when youโ€™re in school.2. Find what you are truly passionate about and where youโ€™re willing to invest time and effort and do that.3. As you think about a business concept, think about the biggest pain points that still need to be addressed and how you can solve that problem. Thank you, James DemircioฤŸlu and Eric Wong, for having me on the show and the chance to talk about Savi. Check out the full interview here. https://lnkd.in/eHUXTAQG

    โ€ŽFinTech @ IU: Episode 23: Aaron Smith - Revolutionizing Student Loan Management, Navigating Educational Costs, Savvy's Innovative Solutions, and Empowering Financial Decisions in Modern Academia on Apple Podcasts podcasts.apple.com

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  • Aaron Smith ๐ŸŽ“

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    40% of student loan borrowers missed their first payment in October, according to the Department of Education. Employers can play a big role in supporting workers with debt. I talked to Deanna Cuadra about options that employers should consider for offering a student loan benefit and how Savi can help.https://lnkd.in/ex5izfGf

    40% of student loan borrowers are missing payments. 3 ways employers can help benefitnews.com

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  • Aaron Smith ๐ŸŽ“

    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Maryland, right in my backyard, tops the list of highest average student loan debt with over $43,116 per borrower! Followed by Georgia, Virginia, Florida. Happy for Savi to participate in this fascinating article by Deanna Cuadra in Employee Benefit News. https://lnkd.in/eucVRrFK

    10 states with the highest student loan debt benefitnews.com

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    Co-Founder Savi, Young Invincibles, Young Men Research Initiative

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    Great and timely article by Alisa Wolfson on what borrowers should know about student loan refinance with payments resuming this month, citing Savi. https://lnkd.in/eaqRSwxj

    Yikes, your student loan payments will be due this month. Is the right move to refinance? marketwatch.com

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