Forma Fund Transfer Process

We've observed a recent increase in inquiries about Forma stipend delivery timelines to SavvyFi accounts, and we want to provide you with detailed information about the process to keep you informed.

Here's a breakdown of the stipend fund transfer process:

Initial Forma Balance Drop:

Once you sign up for SavvyFi in Forma, your Forma balance should drop within a few days.

Funds Request from Forma:

SavvyFi will initiate the request for funds from Forma on the 1st of the following month (please note that we're actively working with Forma to reduce this timing).

Delivery of Funds to SavvyFi:

Forma will deliver the requested funds to SavvyFi within 30 days.

Transfer to Your 529 Account or Student Loan Servicer:

Upon receiving the funds from Forma, SavvyFi will promptly send them to your designated 529 account or student loan servicer.

Note: Due to the return of student loan payments on October 1, 2023, many loan servicers are experiencing challenges in handling the sudden increase in volume. SavvyFi has observed lead times of up to 3 weeks for servicers to process payments once sent by us.

Second Forma Balance Drop:

Your Forma balance will drop again on the 1st but no sooner than 30 days after signing up for SavvyFi on Forma. For example, if you sign up on December 15, your Forma balance will drop immediately, SavvyFi will request funds on January 1, and your Forma balance will drop again on February 1. The second request to Forma for your funds will be made at that time as well.

If you require further assistance or clarification, please don't hesitate to reach out to our support team at support@savvyfi.co.

We appreciate your understanding as we work diligently to streamline the process and enhance your experience.