The collaboration will see Upwise integrate Savi’s tech capabilities, enabling individuals to take a holistic view of their finances and understand how student loan debt impacts their financial help.
This includes assessing their eligibility for relief, as well as exploring repayment and loan forgiveness options.
Go deeper with GlobalData
In August 2022, US President Joe Biden announced the launching of a student debt forgiveness plan, promising temporary relief for borrowers. Since then, the plan has gone all the way up to the Supreme Court, where American conservative judges have cast doubt on the legality of Biden’s plan.
Ellen Pedersen, vice president and head of product at Upwise, commented: “The weight of student loan debt can take a toll on employees’ financial and mental health – from prioritizing monthly loan payments over other financial goals to potentially feeling stressed and anxious about the amount of debt
“The addition of Savi’s student loan expertise to the Upwise experience enables borrowers to more easily navigate the complex and overwhelming Public Service Loan Forgiveness process”, Pedersen continued.
Financial wellbeing and loan forgiveness
MetLife launched Upwise in 2021 to help consumers build better financial habits and feel good about their savings.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Money is not just functional – it’s emotional”, said Meredith Ryan-Reid, senior vice president of Financial Wellness & Engagement at MetLife, in a press release at the time.
According to Savi, there are more than $1bn in projected loan forgiveness opportunities for borrowers. That can reduce monthly student loan repayments by $150 per month.
“With President Biden’s debt forgiveness plan preparing to make its way through the Supreme Court, and loan payments set to resume later this year, navigating student loan repayment can feel overwhelming and uncertain”, said Aaron Smith, co-founder of Savi.
The cost-of-living crisis has led to a surge in financial assistance and support. For that reason, individuals, companies, and countries have come up with different solutions and ways to support those vulnerable and struggling to make ends meet.
In the UK, a study by KPMG and Tillo in March found that economic hardship has led to 54.1% of UK adults receiving at least one gift card, with 29.26% receiving it for non-gifting purposes.
In the US, over 43 million Americans have student debt, with the vast majority holding federal loans.
