COLUMBIA, S.C. (March 6, 2019) — Colonial Life clients can now ease their employees’ worries over student loan debt, thanks to a new partnership with FutureFuel.io.
Colonial Life’s new program can aid employers in their efforts to support a debt-free future for the growing U.S. workforce saddled with student loan debt. This program is designed to reduce the life of each user’s student loan debt through education, refinancing options and making it easier for employees and their employers to contribute.
Student debt now tops an estimated $1.5 trillion, and more than 25 percent of full-time workers between 23 and 53 named finances as the top cause of daily stress in a recent Colonial Life survey.
“We know that student loan debt can be a major cause of stress for millions of America's workers, so offering our customers a chance to relieve some of that burden is an easy decision for us,” said Tim Arnold, president and CEO of Colonial Life. “Working with a strong partner like FutureFuel.io allows us to engage employees and their employers in a new and exciting way that helps take control of student debt.”
FutureFuel.io has different options that a client can select for what best fits their employees and company. Each option consists of the following features: Employees have the ability to manage all of their student debt in one location through a “roll up” feature, educational content is provided to keep employees informed about managing their debt, and there’s a refinancing tool for employees who are looking to combine multiple payments or potentially reduce the interest rates on their student loans.
FutureFuel.io’s Round Up + Refinance option uses “rounding up” technology to automate spare change to make payments on their debt. The Repayment + Refinance option allows employers to make monthly contributions toward their employees’ student loan debt.