The Latest Job Benefit: Paying Employees’ Student Loans

PUBLISHED BY Donna Fuscaldo

SOURCE Fortune

MAY 18, 2016

When Brendon McQueen graduated from Columbia University in 2009, he had 12 different student loans totaling $120,000. His convoluted repayment plan had him contributing $900 a month. Too large a sum for someone with a new baby and a job working as a production assistant for Adam Sandler while moonlighting as a screenwriter, he was forced to defer loan payments. “I was stuck in this cycle of long-term forbearance,” says McQueen, which means interest was mounting the longer his debt went unpaid. “I had this huge problem and wanted to figure out a way to solve it for myself and help everyone else who has loans.”

Launched in January of 2013 Tuition.IO was McQueen’s attempt to do just that. The company originally started as a platform for students to organize and optimize their student debt. In the more than two years the Santa Monica, Calif., Tuition.IO has been in operation, McQueen says, it’s helped users manage over $2 billion in loans, decrease their monthly payments by an average of 4-8% and reduce their delinquent loans by 20%.

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