Upwise™ from MetLife Teams Up with Savi to Unlock Student Loan Forgiveness for Borrowers

Financial wellness app's new integrated feature to help public service employees navigate federal student loan payment and forgiveness programs

NEW YORK--(BUSINESS WIRE)--
More than 43 million Americans have student loan debt, with the vast majority holding federal loans¹. Recognizing the strain this debt can have on the financial health of today's workforce, Upwise™ from MetLife has teamed up with Savi, a social impact technology company, to help borrowers navigate available federal loan forgiveness programs.

Launched in 2021, Upwise is MetLife's personalized financial wellness app that recognizes the connection between emotions and money and delivers a seamless experience providing unique features and expert content to help individuals build healthy financial habits. Integrating Savi's capabilities into MetLife’s high-tech solution enables individuals to take a holistic view of their personal finances and understand how student loan debt impacts their financial health. This includes assessing their eligibility for relief, and exploring repayment and loan forgiveness options, all while improving their relationship with their finances.

"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," said Ellen Pedersen, vice president and head of product, Upwise. "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."

This collaboration will not only simplify the application process for federal loan payment and forgiveness programs, but also provide clarity and confidence to individuals navigating the stresses of federal student loans and monthly repayments. To date, Savi has identified more than $1 billion in projected loan forgiveness opportunities for student loan borrowers and can reduce monthly student loan payments by $150/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.

Savi Co-Founder Tobin Van Ostern also adds: "Upwise works with many Fortune 500 employers, and we're excited to help both address the burden of student loan debt."

Why Employers Should Care

This collaboration comes as the workforce continues to show greater preference for companies that prioritize the mental and financial well-being of their employees. According to MetLife's 2023 U.S. Employee Benefit Trends Study, 62% of employees are looking to their employer for more help in achieving financial security through employee benefits (up from 57% last year).

When employees' financial health declines, so does their mental well-being, which in turn, negatively impacts their productivity levels and job loyalty. In fact, the proportion of U.S. employees who say they are less productive at work because of financial worries has steadily risen year over year, having increased to 36% in 2023 (up from 32% in 2022 and 27% in 2021)².

With Savi's integration and at no cost, employers can offer Upwise as a high-tech solution for eligible employees to take immediate action towards reducing their student debt – which may help to increase their financial security and freedom in stride.

Upwise™ is available for download on the App Store and Google Play. To learn more, visit www.upwise.com.

1. https://newyorkfed.org/medialibrary/Interactives/householdcredit/data/xls/Student-loan_update_2022_mangrum

2. MetLife's 21st Annual U.S. Employee Benefit Trends Study, www.metlife.com/ebts2023

About MetLife

MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading financial services companies, providing insurance, annuities, employee benefits and asset management to help individual and institutional customers build a more confident future. Founded in 1868, MetLife has operations in more than 40 markets globally and holds leading positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.

About Savi

Savi is a social impact technology startup in Washington, D.C. working to solve the student debt crisis affecting 46 million borrowers by helping them discover new repayment and loan forgiveness options. Founded by long-time student loan experts and advocates, Savi is a public benefit corporation that works with employers, membership organizations, and financial institutions to provide our service as a unique student loan benefit.

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Media Contacts:


MetLife
Liz Harish
929-343-7473

elizabeth.harish@metlife.com

Savi
Lindsay Clark
917-445-4979

lindsay@bysavi.com

Source: MetLife, Inc.