Massachusetts Mutual Life Insurance Company (MassMutual) has teamed up with CommonBond, a leading financial technology company, to offer a new student loan refinancing program through CommonBond with a rate advantage to help people take control of their student debt.
This program – available online to all individuals with student debt today -- is among the first of its kind in the student lending and insurance industries. The program is becoming available on a rolling basis in local communities across the U.S. through MassMutual's network of financial advisors, currently 9,000 strong.
Total student loan debt in the U.S. is now over $1.5 trillion, which prevents many people from passing financial milestones and saving for the future. Many MassMutual financial advisors work with clients who have student loan debt on a daily basis, and now with this program, they can engage in a broader discussion and set of strategies to help them save and pay for what’s important in their lives.
“Paying off student debt is often the first significant financial obligation for millions of Americans to achieve their goals in life,” said John Vaccaro, head of MassMutual Financial Advisors and father of two Gen Zers. “With this program and through our broader offerings, younger generations have access to tools they need to reduce student debt and get on the path to a sound financial future. As an example, reallocating even $100/month from the time you graduate from college to the time you retire can lead to six figure savings.”
Through a seamless borrowing experience and options for lower monthly payments and lower interest rates, CommonBond opens the door for individuals with student loan debt to achieve other financial objectives. This new program enables people to potentially pay off their loans faster and save thousands of dollars in interest. And, when someone refinances, CommonBond funds the education of a student in the developing world through its “Social Promise.”
“Through this program with MassMutual, more people will now be able to take control of their finances,” said CommonBond CEO and co-founder David Klein, who started CommonBond after his own experience with student debt. “We understand that student loans prevent many people from taking the next step towards achieving their financial goals. Our work with MassMutual is about financial empowerment – giving people a way to make smart financial decisions through a simple, transparent, and affordable experience to pay off their higher education.”