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Oakland County Launches Michigan’s First Student Debt Relief Initiative

Pontiac, Mich., July 22, 2024 – Oakland County is stepping up to relieve the financial burden of student debt for its residents. The Oakland County Student Debt Relief Initiative, established by the Board of Commissioners in collaboration with County Executive Dave Coulter’s administration, is launching a groundbreaking partnership with Savi, a social impact company that specializes in reducing student loan payments and facilitating loan forgiveness.

Oakland County Launches Michigan’s First Student Debt Relief Initiative
Oakland County Launches Michigan’s First Student Debt Relief Initiative

The Board of Commissioners approved a resolution on July 18 to allocate up to $500,000 for the program. The initiative, spearheaded by Chair David T. Woodward (D-Royal Oak) and Commissioner Brendan Johnson (D-Rochester Hills), will provide free access to Savi’s services for all county residents and employees with student loan debt for one year.

“Reducing student debt is a crucial step towards promoting economic prosperity and alleviating financial stress for our residents,” said Johnson, who himself carries college debt. “This initiative demonstrates our commitment to supporting the future of Oakland County.”

Savi’s platform assists borrowers throughout their loan journey, from finding new repayment or forgiveness options to enrolling in plans and offering ongoing support. Oakland County, home to 172,000 residents with a collective $6 billion in student debt, aims to help its residents save thousands on loan payments through this initiative.

“Oakland County is committed to providing meaningful financial relief to our residents,” said Coulter. “This partnership with Savi will make a real difference in reducing the student debt burden and enhancing the economic well-being of our community.”

Tobin Van Ostern, co-founder of Savi, echoed Coulter’s sentiment, emphasizing the broader impact this partnership could have.

“Oakland County is leading the way for the nation when it comes to helping residents with student loan debt. We are humbled to be a part of Oakland County’s Student Debt Relief Initiative that will help thousands of residents tackle one of the biggest financial burdens millions of Americans face: student loans,” said Van Ostern. “Through this partnership, Oakland County residents will have the ability to quickly find and maximize savings through their new repayment and forgiveness options.”

In the United States, student debt has exceeded $1.6 trillion, surpassing credit card debt and trailing only mortgage debt. In Oakland County, many residents struggle with this escalating financial challenge.

“The Oakland County Student Debt Relief Initiative represents a significant milestone as the first county-wide program of its kind in the United States, setting a precedent for other counties to follow,” said Woodward.

Recent executive actions by the Biden-Harris Administration, including the Saving on a Valuable Education (SAVE) plan and the Public Service Loan Forgiveness (PSLF) program, have expanded opportunities for debt forgiveness and reduction.

“We applaud Oakland County leaders for initiating this opportunity for its residents,” said Glenn McIntosh, senior vice president for student affairs and chief diversity officer for Oakland University, where the announcement was made. “This initiative demonstrates a strong commitment to enhancing the well-being of our community. We are excited to see the positive impact it will have on the lives of Oakland County residents.”

To date, Savi has identified over $3 billion in loan forgiveness, with an average forgiveness amount of $25,553 for qualifying borrowers.

A public dashboard will be developed and made accessible on the county’s website, showcasing the benefits and impact of the Oakland County Student Debt Relief Initiative for residents and employees.

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