FutureFuel.io is a platform offered by employers to provide student loan repayment as part of the employee’s benefits.
Rather than saving for retirement or a mortgage, today’s generation is overwhelmed by their student loans. Most people have more than one simultaneous student loan to pay off, leading to confusion, lost payments, and mismanagement.
FutureFuel.io aims to transform that outdated experience by reimagining what it means for employers to offer student debt repayment benefits. Through FutureFuel.io, employers can offer student debt repayment as a transparent and user-friendly perk to help recruit and retain employees.
- FutureFuel.io is “plug and play,” making it easy for employers to offer employee benefits around student loan debt.
- FutureFuel.io processes payments for employers by partnering with Quovo, a data aggregation company that made it possible to operationalize the benefit for employers.
- The company uses financial technology to validate that the loan exists, the total outstanding balance, the interest rate, and all of the employee’s payment behavior, making it a very closed-loop capability.
- The Roll Up feature aggregates all of a user’s loans, telling them what their payout horizon is and which payments to make first.
- The Round Up feature allows users to round their spare change to the nearest dollar for each purchase and contribute that amount toward student loan payments.
FINANCIAL HEALTH FOCUS
People with student debt are two-thirds more likely to withdraw from their 401(k)s. What’s more, the average student loan takes 17 to 20 years to pay off. FutureFuel.io believes that no one’s financial health should be held back by student loans.