Massachusetts Mutual Life Insurance Co. is offering student loan refinancing through the workplace.
The refinancing program is provided through CommonBond, a financial technology company, and is available to 2.6 million people who have access to MassMutual’s retirement plans, voluntary benefits or both. The refinancing program features flexible terms and competitive interest rates to help people take control of their student debt. MassMutual began offering CommonBond’s refinancing through the insurer’s 8,500 plus network of financial advisers last year and is now adding CommonBond to its workplace solutions.
The CommonBond program is available on MassMutual’s MapMyFinances financial wellness tool, which helps users prioritize their personal finance and benefits needs based on their family situations and budgets.
CommonBond’s refinancing program enables people to potentially pay off their loans faster and may save thousands of dollars in interest. And, when someone refinances, CommonBond funds the education of a child in need, through its 1-for-1 social mission, which has provided schools, teachers and technology to thousands of students in the developing world.
MassMutual began tackling student loan debt through the workplace last year by introducing a separate student loan repayment and management program, which lets participants make student loan repayments and also enables employers to help pay down principal.
“Addressing, managing and paying off student loan debts is a huge priority for many Americans,” says Paul Lapiana, head of product at MassMutual. “MassMutual is offering student loan debt management resources to attack the problem as part of our overall objective of helping all Americans achieve financial security.”