MassMutual and CommonBond launch student debt refinancing
After announcing a partnership with Tuition.io to allow employers to make payments towards an employee’s student loan indebtedness, MassMutual is launching another program to help tackle student debt.
The insurer has partnered with CommonBond to offer student loan refinancing through the workplace – available to 2.6 million people who have access to MassMutual’s retirement plans, voluntary benefits or both. The refinancing program features flexible terms and “competitive” interest rates to help people take control of their student debt. MassMutual began offering CommonBond’s refinancing through the insurer’s 8,500 plus network of financial advisors last year and is now adding CommonBond to its workplace solutions.
CommonBond’s refinancing program opens the door for individuals with student loan debt to achieve other financial objectives, such as insurance coverage, home purchase, or retirement savings. This new program enables people to potentially pay off their loans faster and may save thousands of dollars in interest. And, when someone refinances, CommonBond funds the education of a child in need, through its 1-for-1 social mission, which has provided schools, teachers and technology to thousands of students in the developing world.
“Student loan debt is at epidemic proportions and is preventing many workers from securing their financial futures. We’re offering CommonBond as part of a broader program to help workers extinguish their student loans and move on with their financial lives. Addressing, managing and paying off student loan debts is a huge priority for many Americans. MassMutual is offering student loan debt management resources to attack the problem as part of our overall objective of helping all Americans achieve financial security.” – Paul Lapiana, Head of Product at MassMutual.
“We are excited to expand our partnership with MassMutual through the MapMyFinances wellness offering and be able to help millions of people with student debt take control of their financial lives. Many people carry tremendous amounts of student loan debt, preventing them from pursuing their life dreams and ambitions. Our mission is to give people the tools and resources they need to achieve financial freedom and independence.” – CommonBond President, Robb Granado.