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Piggybacking on the success of its student loan payback platform, Tuition.io announced that it will now begin supporting parents who have taken out loans to help finance their children?s college educations.
Tuition.io allows employers to contribute money towards employee student loans as part of their overall benefits package. By also covering Federal Parent PLUS Loans, companies can address the problem that 35% of total student loans are held by people over the age of 40.
Many plan sponsors are exploring student loan repayment options for their workers because so many of them are saddled with overwhelming debt, making it hard for them to save for retirement or make larger purchases, like a home or a car.
"Throughout our experience working with corporate clients and understanding the burden placed upon parents taking out loans to help their children pursue college degrees,...