Student loan benefit solution optimizes almost $19B in student loan debt for its users
IonTuition, the most experienced, employee-centric partner in student loan repayment benefit solutions, reaches a significant milestone in its mission to improve the financial wellness of today’s workforce. Alongside its Ceannate Corp. affiliates, the company has helped more than 1 million borrowers out of delinquency and default on their student loans.
American families are currently burdened with $1.6 trillion in student loan debt, making it the second-highest form of consumer debt (after mortgages) in the US. With roughly 250,000 borrowers defaulting on their federal student loans each quarter, IonTuition provides a solution to optimize student loan repayment throughout the loan lifecycle.
“Graduating from college should open doors to bright financial futures. However, the size of student debt casts doubts,” said IonTuition CEO, Balaji “Raj” Rajan. “Similarly, parents and even grandparents are under the gun, with their own debts still outstanding. Student debt can be managed, optimized, and the stress around it can be resolved. Employers who take an active part in this financial wellness initiative will be rewarded with more productive and loyal employees.”
The amount of seriously delinquent student debt – at least 90 days past due – accounts for approximately $200 billion of the $1.6 trillion student debt portfolio. As student loan delinquency rates continue to climb, employees are overwhelmed by the obligations of their student loan repayments. In an effort to reduce financial stress, IonTuition has helped optimize almost $19 billion in student loan debt for its users through management, counseling, refinancing and contribution options.
“The best investment an organization can make is in its people,” said VP of IonTuition, Shann Grewal. “With a rise in financial stress, student loan benefits have been growing in popularity among businesses as a way to help employees down the path to financial wellness, where they’re able to put more into retirement or healthcare plans and even save for their children’s future. By offering the most comprehensive student loan repayment assistance, our clients are setting the standard for how employers should put their people first.”
IonTuition provides the industry’s most comprehensive suite of student loan benefits, complete with student loan management, expert student loan counseling, unbiased refinancing, default resolution, and flexible contribution options. Leading companies are offering student loan benefits as a way to acquire and retain in-demand, educated talent. IonTuition is easily implemented into any organization and offers up-front, affordable pricing. IonTuition has been providing tools surrounding post-secondary education since 2011.