Real estate platform Pathway Homes has partnered with Savi, a tech startup, to help customers manage their debt burden through programs such as Public Student Loan Forgiveness (PSLF) and other repayment plans.
Savi says her platform helps those with student loan debt understand their debt, optimize their repayment pattern, and enroll in a plan that fits their finances. The company operates as a public benefit corporation, working in conjunction with employers, membership organizations and financial institutions to provide solutions to tackle student debt.
According to National Association of Realtors60% of millennial non-homeowners cited student loans as a major factor in their decision to delay buying a home.
There are nearly 43 million borrowers with federal student loan debt, the average balance being $37,787 and the average total balance, which includes private loan debt, being $40,780.
This makes home ownership an unattainable dream for many.
The Biden Administration Posted an executive order to forgive up to $20,000 in student loans, but multiple lawsuits delayed the plan. These lawsuits claim that Biden’s promise is unconstitutional and that he cannot shell out $400 billion of taxpayers’ money alone.
Pathway is only available to consumers living in Tampa, Orlando, Atlanta, Dallas, and Phoenix. The company was incorporated by ResiLabswhich was created by Regis Group in collaboration with Invitation Houses Inc. and Fifth Wall.
Pathway customers can receive updates on government reimbursement and forgiveness programs, through Savi, according to a statement. This is intended to help them lower their monthly payments and focus on home ownership.
In addition to enrollment programs, Pathway customers can also work with student loan experts and advocates and gain access to webinars and tools, through Savi.
The release says Savi users save $1,800 a year on their student loan repayments.
KC Cleary, co-founder and chief strategy officer of Pathway Homes, said student loan debt is a significant barrier to owning a home, especially among young professionals.
“We are committed to our mission of creating more holistic and accessible homeownership opportunities, and through this new partnership with Savi, we can now empower our clients to tackle the burden of debt. student and begin building a future of generational wealth for years to come. “, added Cleary.