Savi raises $6 million

Savi, the social impact startup working to solve the student debt crisis, has raised $6 million in a Series A round led by Nyca Partners.

Founded in 2017 and led by Tobin Van Ostern and Aaron Smith, Savi, which is organized as a public benefit corporation, is helping the 44 million student loan borrowers better understand their debt, lower their payments, and enroll in a plan that will help them on the path to student loan freedom.

Savi works with organizations such as companies, membership organizations, and financial institutions to allow them to offer the tool to their employees and members. The tool is free for users, but Savi charges a subscription to actively manage a user’s student loans, such as automating the process for filling out paperwork.

The company says that the average borrower sees $140 in savings per month and pays a $5-a-month subscription fee.