FCA US Launches Student Loan Refinancing Benefit with CommonBond for Business™ to Help Employees Tackle Student Debt
FCA US among the first automotive companies to offer student loan refinancing as a benefit
Continues tradition as a leader in providing attractive, innovative benefits to employees
January 28, 2019 , Auburn Hills, Mich. -
FCA US announced today that it has added a student loan refinancing program to its package of benefits offered to salaried employees. The program is being offered in partnership with CommonBond For Business, the student loan benefits platform from financial technology company CommonBond.
FCA US salaried employees with student loan debt, as well as employees with federal government-backed Parent PLUS loans, are now eligible to refinance these loans through the program with preferred terms.
CommonBond student loan refinancing enables employees to replace existing loans with a new, lower interest rate loan that has award-winning customer service, strong borrower protections and a social promise. CommonBond is the only company in finance or education with a one-for-one social mission. For every loan it funds, CommonBond also funds the education of a child in need.
“With so many people entering the workforce with student debt, FCA US is proud to reinforce our commitment to offer this competitive and much needed benefit for our employees," said Barb Pilarski, Head of Human Resources, FCA - North America. "These benefits will provide FCA US employees a less costly means to pay off student debt and support their path to a sound financial future.”
The student loan refinance program is part of a recently launched financial fitness initiative to provide FCA US employees with convenient access to important financial resources, tools, links to FCA program offerings and more.
With this new studen loan refinancing benefit offering, FCA US continues a tradition as a leader in providing attractive, innovative benefits to employees.
The Company was the first U.S. automaker to offer domestic partner benefits to employees in 2000. Today, FCA US remains committed to offering a competitive package of benefits that includes traditional and optional benefit programs, such as tuition reimbursement, on- and near-worksite health, exercise and wellness opportunities, paid time off for volunteer activities, employee new vehicle purchase or lease at discounted rates, pet insurance and many others.
In July 2018, FCA US became the first domestic automaker to dedicate a near-site health and wellness clinic for employees. Called the FCA Family Health and Wellness Center powered by St. Vincent, this physician-led, primary care clinic exclusively serves more than 22,000 health care members (employees and family members) in Kokomo and Tipton, Indiana.
“With the addition of student loan benefits for its employees, FCA US is a leader in addressing one of the most prominent issues facing the workforce today: student debt,” said Tara Fung, Vice President, CommonBond for Business. “Student loan benefits have emerged as a key way for companies to attract and keep top talent, and we’re thrilled to partner with FCA US to support the financial wellness of its employees.”
Student loan debt surpassed $1.5 trillion in the United States in 2018 and the average college graduate joins the workforce today with more than $37,000 in debt. As a result, student debt is one of the largest financial hurdles a new employee might face.
About CommonBond for Business™
CommonBond for Business is a leading provider of education finance employee benefits. We serve companies with customizable solutions to help employees save and pay for school, as well as repay student loans. CommonBond for Business works with over 250 partners, from Fortune 500 companies to growing startups. For more information, visit www.commonbond.co/student-loan-benefits