BALTIMORE, October 6, 2020 / PRNewswire / – Transamerica announced today that it offers employers a new way to help employees struggle with estimated $ 1.6 trillion in student loan debt. Employers who offer a Transamerica-provided retirement plan for their employees can present Transamerica’s student loan repayment program to help employees repay student loans.
Transamerica recognizes that student loans remain a particularly burdensome burden for employees. While federal student loan repayments are being delayed for the remainder of 2020, many employees with private student loans are still seeking help. Many more employees will one day seek support. said Kent Callahan, Chief Executive Officer of Transamerica’s Workplace Solutions division. “We know that wealth and health are linked. Employees struggling with debt can experience more stress and become less productive. This program offers employers another way to help their employees meet their financial obligations in times of uncertainty,” an advantage that we think many employees will do. Welcome. ”
Transamerica’s student loan repayment program allows employers to shift their benefit money in a way that provides immediate value to their employees and organization. With this program, Transamerica works with organizations to create a feasible plan design that will help contribute to the organization’s retirement plan on behalf of the employee. Alternatively, employers can contribute directly to the employee’s student loan, in addition to what the employee pays regularly. Current clients will enjoy a streamlined implementation process as Transamerica already records their retirement plan, making it possible to quickly and easily make the student loan repayment program available to their participants. Participants can quickly take advantage of services such as loan consolidation and refinancing.
The sponsors of the Transamerica retirement plan can choose one of three pre-selected providers to drive the student loan repayment element of their organization’s retirement plan: Common Bond, Futurefuel.io and Tuition.io. Each provider has an advanced online platform where employees can obtain information and consolidate their student loans. Transamerica’s multi-provider approach gives employers the freedom to evaluate and choose the best solution for their organization at any time.
“Every employer has different needs, which is why Transamerica offers multiple providers to manage our student loan repayment solution. We have agreements with each provider to ensure that our employer customers receive the best prices offered,” said Callahan. “Transamerica’s student loan repayment program gives employers the opportunity to help their employees at this critical time and into the future, and enables employees to save for retirement while paying for student loans.”
With a history stretching back more than 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of customers the United States. Transamerica’s dedicated professionals recognize the need for health and wellness during their busy lives and work to help people take the steps necessary to live better today so they worry less about tomorrow. Transamerica serves nearly every customer segment and offers a wide variety of high-quality life insurance and investment products, individual and group pension plans and asset management services. In 2019, Transamerica delivered on its promises to customers and paid more than that $ 50 billion in insurance, retirement and annuity claims and benefits, including refund of customer annuity premiums. Transamerica is headquartered in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of Aegon’s group of companies. Located in The NetherlandsAegon is one of the world’s largest providers of life insurance, retirement solutions and asset management products, operating in more than 20 markets worldwide. For the full year 2019, Aegon led the management $ 1 trillion in income-generating investments. For more information visit www.transamerica.com. Transamerica is not affiliated with CommonBond, FutureFuel.io or Tuition.io.
CommonBond is a leading financial technology company offering a range of student loan-based solutions to consumers and businesses. Consumers benefit from more affordable, transparent and simple ways to pay their student debt. Companies are taking advantage of technology-forward acquisition and engagement opportunities to scale their businesses with Millennials and Gen Z.
To date, CommonBond has funded $ 3 billion in loans, partnered with more than 300 corporate clients and reached more than 250,000 users. CommonBond is the first and only financing company with a “one-to-one” social mission: for every loan it finances, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise. For more information visit www.commonbond.co.
FutureFuel.io exists to destroy student debt for America’s 45 million borrowers, as a workplace benefit. FutureFuel.io’s comprehensive Student Debt FinHealth platform enables employees to take small actions that have a big impact, such as optimizing repayment plans for significant savings, linking student debt repayment to defined contribution plans (for retirement contributions), automating loan and cash back from everyday purchases. FutureFuel was just raised shy $ 16 million of the world’s best venture capitalists. Full-hearted institutional investors who live on the cutting edge of social impact, fintech and the future of work. For more information visit www.futurefuel.io.
Tuition.io is the leading benefits platform tackling student loan debt. Tuition.io provides an impactful and meaningful solution for employers and employees through a range of educational assistance benefits including student loan repayment, tuition fees and a host of financial wellness tools. For more information visit www.tuition.io or follow @Tuitionio on Twitter.