Tuition.io, the first student loan payback platform, has announced that it will now provide support to those who took out federal parent PLUS loans in addition to those with private and federal student loans. The company handles employer student loan contributions and assists employers in finding talented graduates with significant student loan debt. Employers make use of Tuition.io’s account auditing program and the partnerships the company has made to provide student loan payback benefits to employees. This, in turn, makes these employers more desirable to skilled graduates.
When launched, Tuition.io could only assist employers with information on private and federal student loans through their software, which verified that an employee had student loans and that they had correctly reported the balance of those loans. With this update, employers will now be able to make benefit payments on PLUS loans as well.
CEO and Tuition.io Co-founder Brendon McQueen pointed out that this is a large area of student loan debt that often places a major financial burden on the parents of students. That’s because PLUS loans, while used to pay for the student’s tuition, are taken out by the parents and become their responsibility to repay. According to the Wall Street Journal, $10.7 billion dollars in PLUS loans were made during the 2014-2015 academic year, and as tuition continues to increase, that amount will also. By allowing graduates to put their employer contributions towards these loans, they will be able to provide some financial relief to their parents.
Find out quickly at what rate you can refinance your student loan.