New program enables more consumers to take control of their student debt through refinancing
SPRINGFIELD, Mass. & NEW YORK–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) has teamed up with CommonBond, a leading financial technology company, to offer a new student loan refinancing program through CommonBond with a rate advantage to help people take control of their student debt. This program – available online to all individuals with student debt today — is among the first of its kind in the student lending and insurance industries. The program is becoming available on a rolling basis in local communities across the U.S. through MassMutual’s network of financial advisors, currently 9,000 strong.
Total student loan debt in the U.S. is now over $1.5 trillion, which prevents many people from passing financial milestones and saving for the future. Many MassMutual financial advisors work with clients who have student loan debt on a daily basis, and now with this program, they can engage in a broader discussion and set of strategies to help them save and pay for what’s important in their lives.
“Paying off student debt is often the first significant financial obligation for millions of Americans to achieve their goals in life,” said John Vaccaro, head of MassMutual Financial Advisors and father of two Gen Zers. “With this program and through our broader offerings, younger generations have access to tools they need to reduce student debt and get on the path to a sound financial future. As an example, reallocating even $100/month from the time you graduate from college to the time you retire can lead to six figure savings.”
Through a seamless borrowing experience and options for lower monthly payments and lower interest rates, CommonBond opens the door for individuals with student loan debt to achieve other financial objectives. This new program enables people to potentially pay off their loans faster and save thousands of dollars in interest. And, when someone refinances, CommonBond funds the education of a student in the developing world through its “Social Promise.”
“Through this program with MassMutual, more people will now be able to take control of their finances,” said CommonBond CEO and co-founder David Klein, who started CommonBond after his own experience with student debt. “We understand that student loans prevent many people from taking the next step towards achieving their financial goals. Our work with MassMutual is about financial empowerment – giving people a way to make smart financial decisions through a simple, transparent, and affordable experience to pay off their higher education.”
For more information about MassMutual’s program to refinance student loans through CommonBond or to apply, visit massmutual.com (url: www.massmutual.com/lp/student-loan-refinance) or speak to a MassMutual financial advisor.
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. MassMutual offers a wide range of financial products and services, including life insurance, disability income insurance, long term care insurance, annuities, retirement plans and other employee benefits. For more information, visit www.massmutual.com.
For those on the front end of the college savings journey, MassMutual’s college savings calculator gives families a way to estimate how much to save for college each month.
CommonBond is a financial technology company on a mission to give students and graduates more affordable, transparent, and simple ways to pay for higher education. The company offers refinance loans to college graduates, new loans to current students, and a suite of student loan repayment benefits to employees through its CommonBond for Business™ program. By designing a better student loan experience that combines advanced technology with competitive rates and award-winning customer service, CommonBond has funded over $2.5 billion in loans, partnered with over 300 corporate clients, and currently serves over 100,000 members. CommonBond is also the first and only finance company with a “one-for-one” social mission: for every loan it funds, CommonBond also funds the education of a child in need, through its partnership with Pencils of Promise. For more information, visit www.commonbond.co.
Bethany Hill McCarthy