Student Loan Debt Help for Adults Over 50

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Take Control of your Student Loan Debt

You could save an average of $156 a month on your loan payments

As AARP’s charitable affiliate, AARP Foundation helps older adults build economic opportunity — including the people over 50 who hold more than 20% of student loan debt in the United States.

That’s why we’ve partnered with Savi to offer a student loan repayment tool that quickly determines whether you’re eligible for federal programs through the U.S. Department of Education — programs that can lower or eliminate your monthly payments based on your income. The average savings is $156 a month!

With the Savi Student Loan Repayment Tool, you can:

Review options for lowering your monthly payments through income-driven repayment plans
Get ongoing one-to-one support to help you choose the best plans and file paperwork correctly
Feel confident that your information will be kept confidential, as explained by Savi’s privacy policy

You may be able to save per month

Congratulations, you have options! Savi can help you choose between the lowest monthly payment or saving money over the life of your loan.

How It Works

Create a Profile

Provide some details about yourself to get started.

Gather Your Information

Enter your income, most recent taxes, and student debt info.

Import Your Loans

Automatically connect your loan information with Savi.

Choose a Repayment Plan

Compare your monthly repayment options side by side.

Reduce Your Payments

Let Savi file the paperwork with your loan servicer.

Frequently Asked Questions

What do I need to get started?

It takes about 30 minutes to answer some questions and get your recommendations. Before you begin, you’ll need to have:

Your Social Security number
The first page of your most recent tax return or tax transcript so you know your filing status, adjusted gross income (AGI), and wages.
The username and passwords you use to log in and pay any of your student loan servicers (e.g., Navient, Nelnet, Great Lakes). Savi will use these to automatically import your student loan information. You can also choose to manually enter your loan details — the loan type(s), original principal borrowed, your interest rate(s), the year(s) you started repaying, and your monthly payment amounts.

What are income-driven repayment plans?

An income-driven repayment (IDR) plan can lower your monthly payments based on how much you earn versus the total loan amount. These plans are available to make monthly payments more affordable for people with federal student loans. If you’re out of work, or if your income is low enough, your payments could be as little as $0.

There are four common income-driven plans:

Revised Pay As You Earn (REPAYE)
Pay As You Earn (PAYE)
Income-Based Repayment (IBR)
Income-Contingent Repayment (ICR)

Each plan has different eligibility criteria based on the types of loans you hold and when you took out the loans. Your payment amounts are based on 10-20% of your discretionary income, depending on which plan you are eligible for and enrolled in. The U.S. Department of Education defines this as your after-tax income minus the poverty guidelines for your family size.

The Savi tool identifies all of the best loan repayment options available to you and provides you with the information you need in order to make an informed decision.

Learn more about loan repayment options.

Is this free?

Savi’s DIY (Do-It-Yourself) Plan is available at no cost. If you are over 50 and meet the income guidelines outlined below, AARP Foundation will cover the cost of the Essential Plan — which includes ongoing support from Savi’s customer service team — so you can access that option for free.

ESSENTIAL $90.00 Fee Waived for Eligible Individuals	DIY Enroll on Your Own No Cost
Simplified, step-by-step process for inputting information and e-filing paperwork Takes about 30 minutes to complete Ongoing support from Savi’s dedicated customer service team Savi’s sign-up fee waived by AARP Foundation for eligible individuals	Complete, print, and mail or fax your own paperwork Takes 1-2 hours to complete Access your Savi account at any time No cost regardless of income

ESSENTIAL

$90.00

Fee Waived for Eligible Individuals

DIY

Enroll on Your Own

No Cost

Simplified, step-by-step process for inputting information and e-filing paperwork

Takes about 30 minutes to complete

Ongoing support from Savi’s dedicated customer service team

Savi’s sign-up fee waived by AARP Foundation for eligible individuals

Complete, print, and mail or fax your own paperwork

Takes 1-2 hours to complete

Access your Savi account at any time

No cost regardless of income

*AARP Foundation pays for the Savi Essential Plan for any borrower who qualifies by age and income per the household chart

Household Size	Monthly Income	Annual Income
1	$2,683	$32,200
2	$3,629	$43,550
3	$4,575	$54,900
4	$5,521	$66,250
5	$6,467	$77,600

Based on 2021 Income Guidelines

If I use Savi, will Savi become my loan servicer?

No. Savi is not a loan servicer, and you will never pay Savi to make your monthly payments. Our goal is to help you find the best repayment option and file paperwork with your loan servicer, but Savi will never maintain or hold your loans in any manner.

What is Public Service Loan Forgiveness (PSLF)?

The Public Service Loan Forgiveness (PSLF) program forgives the remaining balance of eligible federal student loans after a borrower has made 120 qualifying payments (about 10 years’ worth) while the borrower is working full-time with a qualifying public service or nonprofit employer.

On October 6, 2021, the U.S. Department of Education announced changes to the PSLF program. The Savi tool is up to date on the new changes to help you learn whether you qualify.

Learn more about Public Service Loan Forgiveness.