SANTA MONICA, Calif., June 16, 2016 /PRNewswire/ -- Tuition.io, the industry's first and proven employer-funded student loan contribution platform, announced today that it has thus far saved employees more than 5,000 years of student loan payments.
Tuition.io is the first company to publicly offer a product that allows employer contributions to be applied to private and federal student loans, in addition to those with federal parent PLUS Loans, following a string of firsts for the company including being the first student loan contribution platform launched at scale with Fidelity Investments earlier this year. The company has saved borrowers millions of dollars in interest payments.
"Tuition.io is expanding to serve large, unmet sections of the student loan contributions landscape, aiding an entire generation of severely indebted job-seekers and bolstering socioeconomic progression," said Brendon McQueen, Tuition.io CEO and co-founder. "We're on track to save consumers tens of thousands of years of payments next year. We're thrilled to be positively influencing so many lives in a meaningful way."
"The sheer scope of the problem, and Tuition.io's very real impact, makes it clear that they are poised to offer what is anticipated to be the next 401(k) type product in the employee benefits space," added Bryan Stolle, Partner at Wildcat Ventures and Mohr Davidow Ventures.
In 2013, McQueen launched Tuition.io as a consumer-facing platform after graduating from Columbia University in 2009 with 12 student loans totaling $120K, an intense burden for any new college grad to face, let alone during the height of the recession.
"We pivoted the company to serve enterprise exclusively in November 2015, knowing we would be able to impact many more lives this way," said McQueen. "Now companies can tailor fit their student loan contribution programs according to their needs, varying eligibility from company to company while helping employees make a real dent on their loans."
Tuition.io is the leading employee benefit platform empowering employers to hire, retain and engage talent who are saddled with student debt by helping them pay it down. The first company to bring employer student loan contributions to market at scale, the platform has managed more than $2B in outstanding loans on its secure platform. Tuition.io works with companies of all sizes, from Fortune 500 companies such as Fidelity Investments to startups including ChowNow and Chegg. Founded by Brendon McQueen who himself graduated from Columbia University with 12 student loans, 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.
Jen Warren on behalf of Tuition.io