Student Loan Payoff Is the New 401k
March 7, 2016
USA Today logo

CEO Brendon McQueen spoke with USA Today about the impact student loans are having on millennials, how companies can offer student loan payments as a benefit and more.

USA Today’s Jefferson Graham recently hosted Tuition.io’s CEO Brendon McQueen on his #1 podcast show, Talking Tech. Brendon joined a few others in USA Today’s Tech Roundtable. In the article recapping the roundtable, Jefferson Graham wrote:

Brendon McQueen has a pitch to employers–work with his company to pay off student loans for his employees, and they’ll have a great perk for attracting talent.

McQueen’s Tuition.io (get the pun?) helps employers keep workers happy, with what he says is the new ‘401k,’ by helping erase student debt, and keeping workers indebted to the firm.”

During the interview Brendon discussed why he set out to help companies address the $1.3 trillion student loan debt in the U.S. by creating a technology platform that enables them to offer student loan payments as a benefit:

Over 70 percent of college grads now have loans – about 42 million people in America – and their debt accounts for $1.3 trillion. That is larger than credit cards. It’s larger than auto loans. And the average debt now is approaching $35k. This benefit helps with hiring, it helps with retention, and it helps with employee engagement.

student loan payments

Watch the clip from the interview and listen to Brendon’s full interview – as well as the roundtable, in its entirety, here.