SANTA MONICA, Calif., Dec. 15, 2016 /PRNewswire/ -- The nation's first and most comprehensive employer-funded student loan contribution platform Tuition.io, today announced industry veteran Scott Thompson as its new CEO. Tuition.io celebrates this new appointment at a time when the company solidifies its leading position in the market as it sees a 1,700 percent year-over-year increase in platform participants. Recently added clients include industry leaders such as Children's Hospital & Medical Center, HP and Staples.
Millennials now surpass baby boomers as the largest cohort in today's workforce. As a result, more than 44 million American employees are burdened with student loan debt. Tuition.io empowers employers to better attract, retain and engage their next generation of talent who are saddled with this stifling student debt by helping them pay it down.
"Tuition.io is proud to be the first and most powerful solution on the market to enable companies to relieve the student debt burden of their employees. It is an incredibly robust technology platform and at a time when 70 percent of the incoming workforce is crippled by debilitating student loans, I truly believe we are on the brink of solving one of the most pressing issues of our time," states Thompson. "I could not resist the opportunity to drive Tuition.io's expansion until student debt relief becomes the norm – not the exception – for employers."
Thompson joins Tuition.io from ShopRunner where he served as CEO and led the company's rapid retail and member network expansion over the last four years. Prior to ShopRunner, Thompson was CEO of Yahoo. Before that, he served as President of PayPal during its most rapid growth period. During his tenure, he helped grow revenues from $1 billion to $4.4 billion and established PayPal as the leading global online payment service. Previously, Thompson held executive positions with Inovant (a subsidiary of Visa), Barclays Global Investors, and Coopers & Lybrand.
"Scott has made an incredible career of taking businesses and scaling them to new heights," said Bryan Stolle, Tuition.io board member and general partner at Wildcat Ventures. "With all our recent momentum, this is a pivotal moment for the company, and we need a strong leader with a clear vision to help us make student loan repayment an employee benefit that is as widely adopted as the 401(k)."
As the most complete student debt relief solution available on the market, Tuition.io customizes its platform for companies and then manages the technology end-to-end for participating employers and employees. It provides a host of in-depth, technology-based tools helping borrowers manage their loans while emphasizing engagement and financial literacy. Since its launch in 2013, Tuition.io has dramatically changed the student debt landscape helping tens of thousands of borrowers manage more than $2 billion in outstanding loans.
Tuition.io is the nation's leading employee benefit platform empowering employers to better attract, retain and engage their next generation of talent who are saddled with stifling student debt by helping them pay it down. The first company to bring employer student loan contributions to market at scale, the award-winning platform has managed more than $2 billion in outstanding loans on its secure platform. Tuition.io works with companies of all sizes, from Fortune 500 companies such as Fidelity Investments and Staples, to startups including ChowNow and Chegg. Tuition.io is on a mission to provide an impactful solution for employers and employees across the country. For more information visit www.tuition.io or twitter.com/TuitionIO.
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