Student loan debt is described as an epidemic, with 44 million Americans owing a total of $1.5 trillion, according to the Federal Student Aid Office of the U.S. Department of Education.
It means that, on average, each individual owes a total of $37,000 with a monthly debt payment of $393.
Fresh from its announcement about emergency fund help, MassMutual is offering student loan refinancing through the workplace. The refinancing program is provided through CommonBond, a financial technology company, and is available to 2.6 million people who have access to MassMutual’s retirement plans, voluntary benefits or both.
MassMutual began offering CommonBond’s refinancing through the insurer’s 8,500 plus network of financial advisors last year and is now adding CommonBond to its workplace solutions.
“Student loan debt is at epidemic proportions and is preventing many workers from securing their financial futures,” Paul Lapiana, Head of Product at MassMutual, said in a statement. “We’re offering CommonBond as part of a broader program to help workers extinguish their student loans and move on with their financial lives.”
When someone refinances, CommonBond funds the education of a child in need, through its 1-for-1 social mission, which has provided schools, teachers and technology to thousands of students in the developing world.
“We are excited to expand our partnership with MassMutual through the MapMyFinances wellness offering and be able to help millions of people with student debt take control of their financial lives,” CommonBond President Robb Granado added. “Many people carry tremendous amounts of student loan debt, preventing them from pursuing their life dreams and ambitions. Our mission is to give people the tools and resources they need to achieve financial freedom and independence.
Part of the financial wellness platform
The CommonBond program is available on MassMutual’s MapMyFinances financial wellness tool, which helps users prioritize their personal finance and benefits needs-based on their family situation and budget.
“Addressing, managing and paying off student loan debts is a huge priority for many Americans,” Lapiana concluded. “MassMutual is offering student loan debt management resources to attack the problem as part of our overall objective of helping all Americans achieve financial security.”