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Voya Collaborates With Savi for Student Loan Debt Offerings
The company said it will offer many Savi guidance features at no charge to employers or their employees.
Voya Financial is collaborating with Savi, a provider of student loan and education benefits, to expand the recordkeeper’s student loan debt solutions for clients. The company said it will offer many Savi guidance features at no charge to employers or their employees.
Savi’s benefits include guidance for managing student loans; an administrative solution for employers who wish to contribute to their employees’ student loans; tuition assistance for employees pursuing further education; and student loan payment certification services for employers offering SECURE 2.0 student loan match programs.
The companies said Savi’s solution incorporates resources including:
- A student loan dashboard that displays all loans and total balance in one place;
- A personalized repayment calculator to explore the impact of income-driven repayment plans on monthly payments and lifetime savings potential;
- Forgiveness-eligibility detection and a federal program enrollment guide;
- A chatbot powered by artificial intelligence to answer questions;
- Live educational workshops; and
- Personalized one-on-one assistance from Savi’s student loan experts available as an optional service for a fee.
“Our research found that 42% of employees are more likely to stay with their employer if offered assistance to pay off their student loan debt,1” said Amy Vaillancourt, president, Wealth Solutions at Voya Financial in a statement. “Our collaboration with Savi provides a flexible suite of solutions that enhances our current offerings, helping employees access retirement plans, participate more and achieve better outcomes.”
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