Massachusetts Mutual Life Insurance Co. (MassMutual) is introducing a new student loan repayment and management program for the workplace as part of a broader financial wellness initiative.
MassMutual is making a student loan program available to employers through Tuition.io, a platform for student loan contributions, to help workers better manage and reduce their indebtedness. The student loan program is available through MapMyFinances, MassMutual’s workplace financial and benefits planning tool, to help workers assess and balance their short- and long-term financial needs.
The Tuition.io program provides two levels of support for student loan indebtedness, both of which help borrowers better manage their student debt, including one that allows employers to provide financial assistance to extinguish debts.
The student loan repayment option available through Tuition.io is called “Student Loan Contributions” and allows employers to make payments towards an employee’s student loan indebtedness. Employers can also choose to make payments towards student loans that parents have taken out for their children, known as Parent PLUS loans.
Additionally, the Tuition.io student loan wellness section of the portal helps borrowers manage their debt by creating a consolidated summary of all student loans for each participating employee by pulling in data from multiple loans and loan servicers. The Tuition.io platform works with every U.S. loan servicer—Including both federal and privately held loans—to generate automatic real-time updates whenever loan payments are made.
With all loan data available in one place, employees can more easily model different loan repayment options as well as determine if paying extra to certain loan providers can potentially save on the amount of interest paid in the long run. Employees can also more easily assess whether refinancing makes sense for their personal situation. The student loan wellness section of the portal can be made available to eligible employees’ family members as well to provide the same loan management tools and capabilities.The student loan program has a cost associated with it. Tuition.io helps employers project both the program and loan repayment potential costs, and weigh them against the projected benefits.