FOR IMMEDIATE RELEASE: September 28, 2023
DATCP Contact: Caleb Kulich, Public Information Officer, (608) 621-1290, caleb.kulich@wisconsin.gov
DFI Contact: Jess Noelck, Communications Director, (608) 261-4504, DFICommunications@dfi.wisconsin.gov
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MADISON, Wis. – The Wisconsin Department of Financial Institutions (DFI), together with the Wisconsin Department of Agriculture, Trade and Consumer Protection (DATCP) and Savi, today announced they are hosting a free student loan repayment webinar on Tuesday, November 7, 2023. The online event will help federal student loan borrowers learn how to avoid scams, use free repayment tools, and explore new repayment plans to manage their restarted federal student loan payments following the end of the U.S. Department of Education’s COVID-19 emergency relief for federal student loans. The 0% interest rate ended on September 1, 2023, and payments restarted in October 2023.
“Student loan debt is a burden for thousands of Wisconsinites, and many may be wondering if they have any options available to lower their federal student loan payments now that the COVID-19 payment pause has ended and payments have restarted,” said DFI Secretary-designee Cheryll Olson-Collins. “This live and interactive webinar with Savi’s student loan experts will help federal student loan borrowers understand what repayment and forgiveness programs are available to them right now.”
“As they start repaying their loans, federal student loan borrowers should watch for dishonest offers from debt relief scammers on loan forgiveness or savings from consolidation,” said DATCP Secretary Randy Romanski. “Borrowers with questions should attend this student loan repayment informational webinar to learn more about the many resources they can access.”
Join the “Student Loan Repayment Webinar: How to Avoid Scams, Use Free Repayment Tools, and Save Money” on Tuesday, November 7, at 12 p.m. Central Time by registering for the free webinar here.
During this webinar, federal student loan borrowers will learn about current student loan debt relief scams to avoid and how to use the free Wisconsin Student Loan Repayment Tool, created by public benefit corporation Savi. Savi is a technology startup whose mission is to help borrowers navigate the complex student loan system. Their student loan experts will answer questions about federal student loan repayment and explain how their tool can help borrowers navigate the complexities of federal student loan repayment plans, forgiveness programs, and lowering student loan payments. Using Savi’s tool may help borrowers reduce their monthly payments and optimize their repayment plans. Student loan borrowers can find additional free repayment resources on DFI’s student loan debt repayment webpage.
DFI and DATCP encourage federal student loan borrowers to create a repayment plan now and beware of fraudsters taking advantage of this transition period. Borrowers with questions are encouraged to call the Wisconsin Student Loan Help Hotline at (833) 589-0750 or contact Federal Student Aid. Student loan borrowers who have been the victim of a scam should report it by filing a complaint online, emailing DATCPHotline@wisconsin.gov, or calling DATCP’s Consumer Protection Hotline at (800) 422-7128.