MassMutual Introduces Student Loan Program
MassMutual is making a student loan program available to employers through Tuition.io, the platform for student loan contributions and a portfolio company of MassMutual Ventures. The student loan program is available through MapMyFinances, MassMutual’s new workplace financial and benefits planning tool, which helps workers assess and balance their short- and long-term financial needs.
The student loan repayment option available through Tuition.io is called “Student Loan Contributions” and allows employers to make payments towards an employee’s student loan indebtedness. Employers can also choose to make payments towards student loans that parents have taken out for their children. Additionally the Tuition.io student loan wellness section of the portal helps borrowers manage their debt by creating a consolidated summary of all student loans for each participating employee by pulling in data from multiple loans and loan servicers. With all loan data available in one place, employees can model different loan repayment options as well as determine if paying extra to certain loan providers can potentially save on the amount of interest paid in the long run. Employees can also assess whether refinancing makes sense for their personal situation.
“Companies that want to attract the newer generations of workers should consider that 51 percent of young employees said help with student loan repayments would be their most important benefit. A student loan benefit can also encourage employees to stay at the company longer, and build stronger company loyalty.” – CEO of Tuition.io, Scott Thompson.