Today, 45M+ US consumers have over $1.6T in student loan debt that will take the average consumer 21+ years to fully pay back. This debt is impacting every financial and life decision people make including: marriage, having children, owning a house, and whether to stay with their current employer or go elsewhere to make more money. Understanding the depth of that problem and the competition of attracting and retaining the best talent,Tuition.io's mission is to help employees with this debt burden by enabling you to offer an important benefit – Student Loan Financial Wellness and Repayment Assistance.
Tuition.io has established itself as the leading service provider of Student Loan Financial Wellness. We have accomplished this by building an agile platform that helps employees be an educated consumer of this debt burden. Specifically, our platform supports every type of student loan debt (federal, private, parent PLUS, grad PLUS, etc.), we connect electronically to thousands of servicer(s)/ lenders and offer a growing suite of Student Loan/College Prep wellness tools for every segment of your workforce and their family. These tools include: college cost calculators, financial aid options, savings calculators/529 plans, student loan repayment optimizer, loan payoff projector, refinance marketplace, and an on-line interactive student loan coach and “expert” to help guide your employees to be better consumers.
Despite being a relatively new employee benefit, Tuition.io is already seeing significant improvement in the attraction and retention of employees who are enrolled in the benefit, with clients experiencing quantifiable improvements year over year vs. expected attrition.