DURHAM, N.C., Nov. 29, 2023 /PRNewswire/ — The Formerly Incarcerated College Graduates Network (FICGN) announced today it is partnering with Savi and Ascendium® on a national campaign to connect borrowers, especially low-income borrowers, borrowers of color, and recent graduates, with free repayment support customized to their unique situation.
More than 43 million Americans hold over $1.6 trillion in student loan debt, which averages to about $37,000 of debt per borrower. The financial stress this creates has far-reaching effects on many, causing them to postpone milestones like buying a home or having children. That stress is compounded by the complexities of student loan repayment programs and the challenges of entering repayment after a lengthy payment pause. Borrowers who are in ill-suited payment plans or unaware of their options may quickly default on their loans, causing additional havoc. Against this backdrop, making sure borrowers have the right resources, like those offered through My Way to Repay, is critical.
We are deeply committed to supporting the populations we serve on their path towards financial stability and success,” said Terrell Blount, Executive Director of FICGN. “This initiative signifies FICGN’s dedication to addressing the unique challenges faced by student loan borrowers directly impacted by incarceration and is a significant step towards ensuring that no borrower from our community is left uninformed or unsupported during their repayment journey.”
With its multi-pronged approach, My Way to Repay provides comprehensive solutions that help borrowers navigate their debt and choose the right path for loan repayment or forgiveness.
- A sophisticated online repayment tool detects eligibility for dozens of repayment and forgiveness programs, syncs all federal and private loans, and submits and monitors applications.
- Educational interactive webinars deliver the latest on policy updates, share how to use the online repayment tool, and provide real-time answers to loan questions.
- A personalized loan counseling hotline connects to student loan experts for tailored advice and insights — without long wait times.
“After more than three years on pause, we know the return to repayment will not be without complications or difficulties for student loan borrowers. Savi is committed to ensuring every student loan borrower has the assistance they need to transition successfully back into repayment.” Aaron Smith, cofounder of Savi, said. “By teaming up with Ascendium and FICGN, the My Way to Repay campaign will provide additional support to those underrepresented borrowers to ensure they don’t slip through the cracks.”
“The support available through the My Way to Repay campaign — the ability to easily compare repayment options or find forgiveness, discuss their situation with student loan experts, and access resources that help them understand and stay on top of their debt — is life-changing for many borrowers,” Beth Erickson, Ascendium’s vice president of repayment solutions, said. “It can give them peace of mind and empower them to achieve financial freedom. Ascendium is honored to collaborate with FICGN and Savi on this transformative initiative.”
About The Formerly Incarcerated College Graduates Network
The Formerly Incarcerated College Graduates Network (FICGN) is a 501(c)(3) nonprofit organization that promotes the education and empowerment of formerly incarcerated people through a collective community. FICGN has over 1,600 members in nearly all 50 U.S. states and several countries who are formerly incarcerated and have achieved higher education attainment, working in various fields in the public and private sectors. FICGN unites system-impacted scholars to use their collective knowledge, resources and lived expertise to support one another personally and professionally.
About Savi
Savi is a social impact technology startup in Washington, D.C. founded by long-time student loan experts and advocates. We’re working to solve the pressing student debt crisis affecting 46 million borrowers by helping them discover new repayment and loan forgiveness options.
About Ascendium
Ascendium Education Group is committed to making education and training beyond high school a reality for more people. As a 501(c)(3) nonprofit organization, we fund initiatives across the U.S. that help learners from low-income backgrounds achieve upward mobility; provide student and employee success solutions to colleges and businesses; invest in education-focused innovations to improve learner outcomes; and provide information, tools, and counseling to help millions of borrowers successfully repay their federal student loans. While we have many roles, we have one goal — elevating opportunity by creating a world where everyone can rise to their highest potential. To learn more, visit ascendiumeducation.org.
SOURCE Formerly Incarcerated College Graduates Network
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