BALTIMORE, October 6, 2020 / PRNewswire / – Transamerica today announced that it offers employers a new way to help workers struggling with a $ 1.6 trillion in student loan debt. Employers who offer an employee pension plan provided by Transamerica can use the Transamerica Student Loan Repayment Program to help workers repay their student loans.
“Transamerica recognizes that student loans continue to be a particularly heavy burden on employees. Although federal student loan repayments are postponed for the remainder of 2020, many employees with private student loans are still asking for relief. Many other employees will seek support once their loan payments start again, ”said Kent callahan, CEO of the Workplace Solutions division of Transamerica. “We know that wealth and health are linked. Workers struggling with debt can be more stressed and become less productive. This program offers employers another way to help their employees manage their financial obligations in uncertain times, a benefit that many employees welcome. ”
Transamerica’s student loan repayment program allows employers to reallocate their benefit dollars in ways that deliver immediate value to their employees and their organization. With this program, Transamerica will work with organizations to create a viable plan design that allows for contributions on behalf of the employee to the organization’s pension plan. Alternatively, employers can contribute directly to the employee’s student loan manager in addition to what the employee pays regularly. Existing clients will benefit from a streamlined implementation process as Transamerica already maintains a register of their pension plan, which allows for quick and easy availability of the student loan repayment program to their members. Participants can quickly benefit from services such as loan consolidation and refinancing.
Transamerica pension plan sponsors can choose one of three prequalified providers to fund the student loan repayment component of their organization’s pension plan: Common Bond, Futurefuel.io, and Tuition.io. Each provider has a state-of-the-art online platform where employees can obtain information and consolidate their student loans. Transamerica’s multi-vendor approach gives employers the freedom to assess and choose the best solution for their organization at all times.
“Every employer has different needs, which is why Transamerica offers multiple vendors to administer our student loan repayment solution. We have agreements with each supplier to ensure that our employer clients receive the best price available, ”noted Mr. Callahan. “Transamerica’s student loan repayment program gives employers the power to help their workers during this critical time and into the future, and allows workers to save for retirement and pay off their student loans at the same time. .
With a history stretching back over 100 years, Transamerica is recognized as a leading provider of life insurance, retirement and investment solutions, serving millions of clients around the world. United States. Recognizing the need for health and wellness during the peak period of working life, the dedicated professionals at Transamerica strive to help people take the necessary steps to live better lives today so that they can worry less about tomorrow. Transamerica serves almost all customer segments, offering a wide range of quality life insurance and investment products, individual and group retirement plans, as well as asset management services. In 2019, Transamerica kept its promises to its customers by paying more than $ 50 billion in insurance, pension and annuity claims and benefits, including the reimbursement of annuity premiums paid by the client. Transamerica is headquartered in Baltimore, Maryland, with other major operations in Cedar Rapids, Iowa and Denver, Colorado. Transamerica is part of the Aegon group of companies. Situated at the Netherlands, Aegon is one of the world’s largest providers of life insurance, retirement solutions and asset management products, operating in more than 20 markets around the world. For the full year 2019, Aegon managed over 1000 billion dollars 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 providing a suite of student loan solutions to consumers and businesses. Consumers benefit from more affordable, transparent and simpler ways to pay off student debt. Businesses benefit from cutting-edge acquisition and engagement capabilities to scale their businesses with Millennials and Gen Z.
To date, CommonBond has funded over $ 3 billion in loans, has partnered with over 300 corporate clients and reached over 250,000 users. CommonBond is the first and only one-for-one social mission finance company: 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 crush the student debt of the 45 million American borrowers, as a benefit at work. 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 big savings, connecting student debt repayment to plans Defined Contribution (for contributions from plan sponsors), automating the management of unruly student loans and gamifying cash back from everyday purchases. FutureFuel raised just under $ 16 million of the world’s largest venture capitalists. Heartfelt institutional investors living at the intersection of social impact, fintech and the future of work. For more information visit www.futurefuel.io.
Tuition.io is the leading benefits platform that tackles employee student loan debt. With its range of educational assistance benefits, including student loan repayment, tuition assistance, and a host of financial wellness tools, Tuition.io provides a powerful and meaningful solution. for employers and employees. For more information visit www.tuition.io or follow @Tuitionio on Twitter.