Nearly two trillion dollars in outstanding student loans has pulled more than 45 million US students, and the country at large, into a student debt crisis. The company has attracted the attention of a slew of fintech startups and investors looking to build solutions - some are available for companies to offer their staff as employee benefits. Summer is one of them, but doing something unique.
Summer scans multiple sources to compile a directory of student loan forgiveness and repayment opportunities, and utilises these options to develop a personalised debt management program for eligible employees - all managed digitally. Not only is this a savvy way for employers to enhance benefits packages for top-tier graduates in a competitive labour market, but it’s also something for which they've recently begun to receive tax incentives.
Summer has seen good sign-ups, and it's helped tens of thousands of borrowers save millions of dollars. Through a partnership with Credit Karma, the company has also been broadening its service beyond being a simple employment benefit. It has also raised significant funds that will expand the platform's reach.
Kirsty
Company Specialist at Welcome to the Jungle