CommonBond Now Offers Enterprise Student Loan Solution Through Ayco’s Nationwide Network
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.
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”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.
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