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(Washington, DC) The National Foundation for Credit Counselingâ (NFCCâ) just announced a partnership with Savi, a leading student loan repayment technology company. This collaborative effort includes Take Charge America (TCA), an NFCC Member agency. The announced partnership will provide Americans access to credit counseling and holistic financial wellness resources available through the NFCC and TCA. The partnership will connect the 10 million student loan borrowers who have access to Savi through employers, membership groups, and financial institutions with additional credit counseling and financial planning services provided by NFCC and TCA.
“The economic impact of the coronavirus pandemic has only intensified the long-term burden of student loan repayment for the millions of Americans struggling to regain financial stability,” said Bruce McClary, Senior Vice President of Communication for the NFCC. “The combination of our industry-leading counseling services and the innovative technology of Savi has tremendous potential to improve the financial health for all student loan borrowers in need of assistance.”
More than one in six American adults carry a federal student loan, and the average federal student loan borrower carries over $35,000 in debt. When you add them all up, they total more than $1.6 trillion according to The Federal Reserve. On an individual level, those debts are changing the way people live. Increasingly, they must delay life milestones like getting married, having kids, buying a home, and saving for retirement.
“We’re excited that NFCC and Take Charge America’s accredited financial counselors will be available to Savi users for individual and customized planning sessions,” says, James Atto, Director of Customer Success at Savi. “Student loans are a burdensome weight for all borrowers, and especially for marginalized communities. This partnership is another step in empowering Savi users and helping them connect their student loans to their broader financial situation.”
“We are on the frontlines of the student loan crisis and see firsthand how this debt can be debilitating for borrowers,” said TCA CEO David Richardson. “Partnering with Savi allows us to reach more student loan borrowers nationwide and connect customers with a broader array of financial counseling services to help them achieve financial independence.”
Organizations interested in partnering to provide student loan wellness expertise and solutions may contact Aaron Smith via email at email@example.com.
In addition to the NFCC and HPN, other Wells Fargo Foundation COVID-19 Housing Counseling Support grantees include over a dozen national and regional organizations.
About the NFCC
Founded in 1951, the National Foundation for Credit Counseling® (NFCC®) is the nation’s first and largest nonprofit dedicated to improving people’s financial well-being. With a national network of member offices serving 50 states and Puerto Rico, our NFCC® Certified Credit Counselors are financial advocates, empowering millions of consumers to take charge of their finances through one-on-one financial reviews that address credit card debt, student loans, housing decisions and overall money management. Make one of the best financial decisions of your life. For expert guidance and advice, call (800) 388-2227 or visit www.nfcc.org today.
About Take Charge America, Inc.
Founded in 1987, Take Charge America, Inc. is a nonprofit agency offering financial education and counseling services including credit counseling, debt management, student loan counseling, housing counseling and bankruptcy counseling. It has helped nearly 2 million consumers nationwide manage their personal finances and debts. To learn more, visit www.takechargeamerica.org or call (888) 822-9193.
Savi is a social impact technology startup in Washington, D.C. working to solve the student debt crisis affecting 46 million borrowers by helping them discover new repayment and loan forgiveness options. Founded by long-time student loan experts and advocates, Savi is a public benefit corporation that has identified more than $200 million in projected forgiveness for student loan borrowers. Savi works with employers, membership organizations, and financial institutions to provide our service as a unique student loan benefit. Follow on Twitter at @bysavi and Facebook at @bySaviUSA.