FutureFuel.io, the company offering student loan payment management services as an employee benefit, is adding new features to make it easier for companies to manage the loan repayment process.
The company is offering real time account linking and updates on loan repayments through the fintech company Quovo. And through a partnership with Credible, will provide information on the lending marketplace.
The student debt bubble is a looming crisis for the U.S. The lack of access to affordable education at the university level has pushed increasing numbers of people into massive amounts of debt and that, in turn, has been a drag on wider economic growth.
Coupled with stagnating wages nationwide, the exploding indebtedness of younger generations is a yoke that some may never be able to take off. FutureFuel’s efforts to make loan repayment a job benefit (along the same lines as a retirement plan) is one potential market solution.
Better still would be loan forgiveness (a boy can dream). As a stopgap, it takes some of the sting out of what is an essentially unjust situation.
Here’s hoping that future generations actually won’t have to avail themselves of a service like FutureFuel.