Student loan savings
You might be eligible for lower payments and Public Service Loan Forgiveness (PSLF).Public Service Loan Forgiveness (PSLF)
When you work at UK, you’re not just building a meaningful career. You might also be taking a step toward financial wellness.
As a public service employer, UK qualifies for the federal Public Service Loan Forgiveness (PSLF) program. This means UK employees who meet certain eligibility criteria might be able to have their remaining federal student loan debt forgiven after a period of qualifying payments.
Plus, you can take advantage of Savi, a free service available to UK employees to help navigate the process.
The PSFL program is designed to reduce the burden of student loan debt for people who work in public service. PSLF could provide immediate relief by making your monthly payments more affordable, as well as longer-term relief of loan forgiveness. It’s one way that working at UK can support your overall financial wellness and help you build a more secure future while doing work that matters.
How to decide whether to pursue Public Service Loan Forgiveness (PSLF)
Public Service Loan Forgiveness is a program specifically for people who work for non-profit, government or public sector employers, which includes UK. If you work for these eligible employers long enough to make 120 monthly on-time payments and have Direct Loans, you may be eligible to have your remaining federal student loan debt forgiven tax free.
If you know you will not be working full-time in a non-profit for the full120 months, then forgiveness may not be the right path for you. You may want to consult your personal tax or legal adviser before making any decisions regarding the status of your student loans.
One important step in qualifying for Public Service Loan Forgiveness is submitting your employment verification.
Here’s how to submit a request to UK Human Resources for verification:
1. Check your loan eligibility
- Review your federal student loans to confirm they are eligible for PSLF.
- Visit StudentAid.gov/pslf for details and to access the PSLF Help Tool.
2. Choose how to submit your PSLF form to UK Human Resources
- We prefer electronic submissions, you may also submit your form manually
To submit electronically
- Complete your PSLF form using one of these free services:
- SAVI (free for UK employees)
- When prompted, send the form to verifications@uky.edu.
- Once received, UK Human Resources will complete the employer section and automatically submit your form to the U.S. Department of Education.
To submit manually
- Submit your PSLF request online at UK HR Records Online Request form.
- Complete a records release form and email it to verifications@uky.edu with the subject: PSLF Verification Request
- UK Human Resources will complete the employer section and email the signed form back to you.
- You are then responsible for submitting it to the Department of Education.
3. Confirm the correct employer information for UK in section 4 of the PSLF form
- Federal Employer Identification Number (FEIN/EIN): 61-6001218
- Employer name: University of Kentucky
- Employer address: 340 Peterson Service Building, Lexington, KY 40506
- Employer website: uky.edu
Important reminders
- UK does not determine PSLF eligibility. The PSLF process is outlined on the Federal Student Aid website.
- For help completing your form, use the PSLF Help Tool.
- For questions about a submitted PSLF application, contact the Department of Education Federal Student Aid Information Center at 1-800-433-3243.
- UK does not receive status updates after your form is submitted to the Department of Education.
- Submitting multiple PSLF requests will not result in faster processing by the Department of Education.
Free concierge service from Savi
Savi Essential makes PSLF less overwhelming.
If you choose to pursue loan forgiveness, consider enlisting Savi Essential as your student loan advocate. This is a concierge service which will complete and manage your PSLF paperwork for the duration of the program.
Savi Essential is free for UK employees.
Savi Essential helps you:
- Apply for an income-driven repayment plan
- Track payments toward forgiveness
- Meet your deadlines in time by providing enrollment reminders
- Stay in compliance with the PSLF rules
- E-file forms
Savi Essential acts as your advocate if you need help along the way.