Employer-funded student loan contribution platform Tuition.io reached a milestone this week. The California-based company today announced it has saved employees more than 5,000 years of student loan payments totaling more than $2 billion.
Tuition.io allows companies to contribute to their employees’ outstanding private and federal student loan debt, helping employers attract and retain millennial talent. Tuition.io CEO and co-founder Brendan McQueen says, “We’re on track to save consumers tens of thousands of years of payments next year.”
After graduating from Colombia University with 12 loans totaling $120,000, McQueen launched a consumer-facing version of the platform at FinovateFall 2012. According to McQueen, the company last year transitioned to exclusively serve the enterprise because “we would be able to impact many more lives this way.”
Last month, the company expanded its focus to include support for Federal Parent PLUS loans, loans taken out by parents to help finance their child’s college education.