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Savvy tells commissioners it helps borrowers from for-profit schools; SAVE plan remains in place after lawsuit dismissal
Summary
A Savvy representative told the board the organization works with borrowers from for-profit institutions at no cost; staff also briefed commissioners that the federal SAVE plan remains in place after a recent lawsuit dismissal, so previously enrolled borrowers continue in forbearance.
Commissioner Smith Charles introduced a mid-February impact report from Savvy and asked whether the organization helps residents who attended for-profit colleges. Amanda Cross of Savvy, calling in to the meeting, said Savvy "do[es] support any borrower who comes through who has attended a for-profit university" and invited affected residents to contact the organization.
Commissioners discussed predatory companies that charge consumers thousands of dollars for dubious student-loan relief services; Cross said Savvy works with borrowers at no additional cost and "we do not want them to incur any cost from outside companies."
Commissioners also asked for a status update on the federal SAVE income-driven repayment plan. A Savvy representative summarized the situation: a recent lawsuit that would have ended the SAVE plan was unexpectedly dismissed, meaning people already enrolled in SAVE remain on forbearance and are not making monthly payments. The presenter cautioned that applications are not open and staff said updates could follow in the next few weeks.
The committee voted to receive and file the Savvy impact report; staff thanked Amanda Cross for joining the meeting.
