NEW YORK, Dec. 4, 2019 /PRNewswire/ -- CommonBond for Business™ – the enterprise division of CommonBond, a leading financial technology company – has partnered with Ayco, a Goldman Sachs Company that provides corporate-sponsored financial counseling benefits to employees nationwide, to offer student loan repayment solutions.
In recognition that student loan debt hinders a large segment of the population for progressing their financial goals, CommonBond and Ayco are aiming to provide employees new ways to manage their student debt. Participants in Ayco's financial wellness benefit will have the opportunity to save on their student debt through premier refinancing from CommonBond, as well as other student loan benefit offerings upon client election.
"We know that student loan debt can delay other major life decisions like owning a home, buying a car, or starting a family," said David Klein, CommonBond CEO and co-founder. "Solutions that allow people to pay off their student debt faster, and at lower rates, enable important life milestones and broader financial wellness. We're excited to announce our partnership with Ayco and financially empower more people across the country."
Since CommonBond launched nationally in 2013, the company has become the market leader for solutions that help students and graduates prepare and pay for higher education. As part of its CommonBond for Business enterprise platform, CommonBond offers Student Loan Contribution™ technology enabling employers to pay down their employees' student debt every month, as well as Student Loan Evaluation™ technology enabling employees to determine their best student loan repayment plan. More and more companies are offering student loan benefits to their workforce, as a way to attract and retain top talent. Over 80% of Millennials with student debt say such benefits influence which company they decide to work for, according to multiple industry surveys.
"Many of the companies we work with are keenly focused on providing their employees a resource for managing student loans," said Ayco CEO Larry Restieri. "As we build out our marketplace to help employees move seamlessly from education to action across multiple categories, we're excited to add CommonBond's unique product to our set of student loan solutions."
This announcement follows significant expansion for the company. CommonBond has forged several strategic partnerships with large financial institutions in the last year to help consumers manage, reduce, and pay down student loans through a series of innovative programs. The company has reached over 250,000 users in its consumer business and over 300 corporate clients in its enterprise business. In 2019, CommonBond's largest business unit was profitable.
CommonBond is a leading financial technology company that offers a suite of student loan-based solutions to consumers and enterprises. Consumers benefit from more affordable, transparent, and simpler ways to pay their student loans. Enterprises benefit from tech-forward customer acquisition and engagement capabilities to scale their businesses with Millennials and Gen Z.
To date, CommonBond has funded over $3.0 billion in loans, partnered with over 300 corporate clients and reached over 250,000 users. CommonBond is the first and only finance company with a "one-for-one" social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise. For more information, visit www.commonbond.co.
About Ayco, a Goldman Sachs Company
Ayco is an industry pioneer and preeminent leader of company-sponsored financial counseling services. Ayco believes companies best serve their stakeholders and the greater economy when their employees' financial lives are clear, understood and in their own control. For nearly 50 years, Ayco has aspired to deliver a more productive and engaged workforce to clients by providing their employees a path to financial wellness through holistic and personalized services tailored for each stage of the career cycle—from entry-level to C-suite. Learn more at Ayco.com