From the Wires
Tuition.io Named a Preferred Provider by Mercer, Adding Student Loan Repayment Assistance to Financial Wellness Offerings
By: PR Newswire
Sep. 13, 2017 11:01 AM
SANTA MONICA, Calif., Sept.13, 2017 /PRNewswire/ -- Tuition.io, the nation's first and most comprehensive employer-funded student loan contribution platform, has been named a preferred provider by Mercer, a global consulting leader in advancing health, wealth and careers, and a wholly-owned subsidiary of Marsh & McLennan Companies (NYSE: MMC). Mercer will showcase Tuition.io as a preferred provider of student loan repayment assistance to its clients as part of Mercer's Financial Wellness offerings. Specifically, Mercer clients interested in adding this benefit can take comfort knowing the Mercer research team has done extensive due diligence selecting Tuition.io's industry-leading platform and will continue to conduct ongoing monitoring to ensure optimal performance. Mercer clients can also take advantage of competitive pre-negotiated fee arrangements.
"We are seeing an increasing number of employers adding student loan repayment assistance to their benefits programs as a powerful differentiator in attracting and retaining employees," said Heather Coughlin, Solution Leader for Financial Wellness at Mercer. "Being able to name an innovator like Tuition.io as a preferred provider is another step forward in helping our clients compete for talent, differentiate their brand, and develop holistic financial wellness programs."
"Tuition.io is proud to be the preferred student loan repayment assistance platform for Mercer and its clients," said Scott Thompson, CEO of Tuition.io. "With their extensive Financial Wellness portfolio and impeccable reputation, we're excited for more employers to adopt this meaningful benefit and help tackle the burden of student loans felt by millions of workers across the U.S."
Student loan repayment assistance has the potential to affect more than 44 million Americans burdened by student loan debt. This innovative benefit has quickly become highly valued by today's workforce and has proven to have an immediate and meaningful impact on employee retention and engagement. The $1.4 trillion student loan crisis has acted as a catalyst for heightened financial stress which can lead to disengagement in the workplace. Mercer's Inside Employees' Minds™ Financial Wellness survey found that on average, employees spend more than 150 hours of work time a year worrying about money. On a total U.S. wage bill of $5 trillion, this could be costing their employers more than $250 billion in lost wages each year. Additionally, the survey found that employees who have access to financial wellness programs report higher levels of trust and satisfaction with their employer.
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