$500,000 Initiative Aims to Help 172,000 Oakland County Residents Manage $6 Billion in Student Debt

New Initiative Aims to Help Manage Student Debt with Expert Guidance and Paperwork Assistance

Oakland County Offers Free Student Loan Management Services to Residents and Employees

Oakland County is introducing a new initiative this fall aimed at assisting residents and employees with managing their student loan debt. In partnership with Washington, D.C.-based tech startup Savi and the county will provide one year of free services. With $500,000 allocated by the Board of Commissioners and the program will help individuals understand their loans and identify the best repayment and forgiveness options with Savi’s experts handling all necessary paperwork.

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(photo: Detroit Free Press)

 Initiative Aims to Simplify Repayment and Forgiveness

County leaders announced the initiative at Oakland University emphasizing its significance as 172,000 residents collectively hold $6 billion in student loans. Savi’s tools will simplify the process for borrowers helping them reduce monthly payments and potentially qualify for loan forgiveness. Board Chairman Dave Woodward likened Savi to “the Turbo Tax for student loan repayment,” highlighting its potential to save residents substantial amounts of money.

Despite strong Democratic support, the program faced opposition from some Republican commissioners and a few Democrats who expressed concerns about the absence of a formal proposal process and the use of taxpayer funds. Nevertheless, supporters like County Executive David Coulter argue that the program will benefit both borrowers and the local economy. The initiative is set to fully launch by fall representing a significant effort to tackle student debt at the county level, according to the report of The Detroit News.

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