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View More Press Releases by Transamerica

Press Release

Transamerica Announces Student Loan Repayment Program To Help Employers Assist with Employees’ Debt

Issued by Transamerica

Oct. 6, 2020

BALTIMORE -- October 6, 2020 -- 

 Transamerica announced today that it is offering employers a new way to help workers grappling with an estimated $1.6 trillion in student loan debt. Employers who offer an employee retirement plan provided by Transamerica can present Transamerica’s Student Loan Repayment Program to help workers pay back student loans.

“Transamerica recognizes that student loans continue to be an especially heavy burden for employees. While federal student loan repayments are deferred for the remainder of 2020, many employees with privately held student loans are still seeking relief. Many more employees will be looking for support once their loan payments begin again,” said Kent Callahan, Chief Executive Officer for Transamerica’s Workplace Solutions division. “We know that wealth and health are connected. Workers struggling with debt can have higher stress and may become less productive. This program offers another way for employers to help their employees manage their financial obligations during uncertain times, a benefit we believe many employees will welcome.”

Transamerica’s Student Loan Repayment Program allows employers to shift their benefit dollars in ways that offer immediate value to their employees and organization. With this program, Transamerica will work with organizations to create a viable plan design allowing contributions on the employee’s behalf to the organization’s retirement plan. Alternatively, employers can contribute directly to the employee’s student loan servicer on top of what the employee pays regularly. Current clients will enjoy a streamlined implementation process because Transamerica already recordkeeps their retirement plan, enabling quick and easy availability of the Student Loan Repayment Program for their participants. Participants can quickly benefit from services like loan consolidation and refinancing.

Transamerica’s retirement plan sponsors may choose one of three pre-selected providers to power the student loan repayment element of their organization’s retirement plan: Common Bond, Futurefuel.io, and Tuition.io. Each provider has a state-of-the-art online platform where employees can obtain information and consolidate their student loans. Transamerica’s multi-provider approach gives employers the freedom to evaluate and choose the best solution for their organization at any time.

“Every employer has different needs, and that’s why Transamerica offers multiple providers to administer our student loan repayment solution. We have agreements with each provider aimed at helping to ensure our employer clients receive the best pricing offered,” Mr. Callahan noted. “Transamerica’s Student Loan Repayment Program gives employers the power to help their workers during this critical time and going forward, and enables workers to save for retirement and pay student loans at the same time.” 

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