WASHINGTON–Credit Union Student Choice, a provider of higher education financing solutions, announced that UMassFive College Federal Credit Union is bringing student loan repayment benefits to its employees via a new partnership between Student Choice and FutureFuel.io.
Student Choice launched a partnership with FutureFuel.io earlier this year, saying it is seeking to better help credit unions address the growing challenge of student loan debt faced by the emerging workforce. Credit unions are able to offer the solution to employees, and also to select employer groups (SEGs) who may be seeking to expand their benefit programs, the company said.
“UMassFive got its start serving the students and staff of the Five Colleges in the Pioneer Valley,” said Lauren Duffy, executive vice president and chief operating officer of UMassFive College FCU. “While our field of membership has expanded over time, our roots in higher education remain a driving force in helping both our members and our employees pay for college responsibly. We believe offering student loan repayment benefits to our employees will help them achieve greater financial freedom as they move toward other important stages of their lives.”
UMassFive began offering Student Choice’s flagship private education line of credit in 2008.
‘Significant Financial Challenge’
“Student loan debt can be a significant financial challenge for many young adults as they enter the workforce,” said Scott Patterson, president and CEO of Credit Union Student Choice. “Our private student loan solution focuses on borrowing responsibly for college. Now, with our refinance product and partnership with FutureFuel, we can provide additional support to credit union members and employees—including parents who can oftentimes be burdened with education debt—far beyond graduation.”
According to the company, benefits tied to student loan repayment have been gaining popularity in recent years. In fact, according to a 2017 survey, 86% of young workers would commit to working five years for an employer that helped them repay student loan debt.
According to Laurel Taylor, Founder and CEO of FutureFuel.io, the platform provides credit unions with an excellent opportunity to connect with the next generation of members by delivering key millennial-centric products, such as round up and student loan refinance solutions.