By offering student loan payments as an employee benefit, companies can attract and retain top talent while addressing the $1.3 trillion student debt crisis at the same time.
By Brendon McQueen, Founder and CEO, Tuition.io
Have you ever had an idea that kept you up at night?
If you have, then you know how I felt the night Tuition.io began. Like the 50 percent of Millennials who report losing sleep over their debt, I was up considering how I was going to tackle my 12+ student loans. I had recently graduated from Columbia University and had a son sleeping upstairs. I felt lost, and wished there were somewhere I could turn for help. I knew I needed to do something.
I am excited to introduce you to the new Tuition.io, which has been enhanced to enable employers to offer student loan payments as a benefit.”
Tuition.io was born, and since, my team and I are proud to say that we’ve helped tens of thousands of people organize, manage and optimize their student loans. Today, Tuition.io is the nation’s leading student loan management platform, which borrowers have leveraged to organize more than $2 billion in outstanding loans since launching in early 2013. Typical users increase their monthly payments by between 4-8 percent and the site has shown a drastic 20 percent reduction of delinquent loans. One by one, student by student, we are proud to say that Tuition.io is now a proven part of the solution.
However, that instinctive feeling I had in 2013 never went away. There is still so much more that needs to be done to address the student loan crisis in America. Since Tuition.io’s launch, I have thought long and hard about the most impactful thing we can do moving forward to help tackle what has become more than a burden for the majority of borrowers.
And this is it. I am excited to introduce you to the new Tuition.io, which has been enhanced to enable employers to offer student loan payments as a benefit. Based on customers’ feedback, the new Tuition.io also features a new, robust platform that includes a host of in-depth, technology-based tools that help borrowers optimize their loans and increase their financial literacy. By partnering with large global companies to help their employees improve their financial wellness, we can now help people pay down their student debt faster with the help of corporate contributions. By offering financial wellness programs, such as student loan payments as a benefit, companies can recruit and retain top talent and reduce employee churn, all while contributing to a solution to the student debt crisis.
Moving forward, only employees at the companies with whom we partner, as well as existing users, will have full access to Tuition.io. We feel that making this change will allow us to have a much stronger impact on the crisis and accelerate borrower pay off for the 40 million Americans who hold student debt.
Imagine if we could save every student loan borrower in the US 3.5 years of pay off time. We would be able to empower employers to save employees a total of 147 million years of payments — time that they can use to save for retirement, buy a house or pay for their children’s education.
We are proud to be the first company to bring employer student loan contributions to market at scale. It is our goal that by doing so we can make it easy for companies to join us in tackling the $1.3 trillion student debt crisis while offering their employees a meaningful benefit that helps them solve one of their biggest problems.
We encourage you to check out our new website, share our information with your employer and contact us with any questions. If your employer doesn’t offer student loan contributions as a benefit yet, I encourage you to request it, or to send them my way. We would love to hear from you.
Founder & CEO, Tuition.io