SPRINGFIELD, Mass., Feb. 3, 2020 – For millions of Americans looking to tackle student debt this year, Massachusetts Mutual Life Insurance Company (MassMutual®) is offering student loan refinancing through the workplace.
The refinancing program is provided through CommonBond, a leading financial technology company, and is available to 2.6 million people who have access to MassMutual’s retirement plans, voluntary benefits or both. The refinancing program features flexible terms and competitive interest rates to help people take control of their student debt. 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,” said Paul Lapiana, Head of Product at MassMutual. “We’re offering CommonBond as part of a broader program to help workers extinguish their student loans and move on with their financial lives.”
There are 44 million Americans who owe a total of $1.5 trillion in student loan debt, according to the Federal Student Aid Office of the U.S. Department of Education1. That means, on average, each individual owes a total of $37,000 with a monthly debt payment of $393.
CommonBond’s refinancing program opens the door for individuals with student loan debt to achieve other financial objectives, such as insurance coverage, home purchase, or retirement savings. This new program enables people to potentially pay off their loans faster and may save thousands of dollars in interest. And, 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,” said CommonBond President, Robb Granado. “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.”
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. For many younger workers, there is no bigger priority than addressing student loan debt.
MassMutual began tackling student loan debt through the workplace last year by introducing a separate student loan repayment and management program, which enables student loan repayments as well as employers to help pay down principal.
“Addressing, managing and paying off student loan debts is a huge priority for many Americans,” Lapiana said. “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.”