FutureFuel.io, a technology provider of student debt employer benefits solutions, today announced the launch of a new program with First Data, a global leader in commerce-enabling technology and solutions. The program offers qualified First Data associates the opportunity to direct earned performance rewards points to pay down their student debt and faster achieve financial freedom.
To date, associates have earned a total of $1.59M in performance rewards points. If all $1.59M of rewards points were directed to student debt pay down that would translate into reducing $3.9M of student debt - a three-fold return when you factor in the effect of compound interest on debt. This positions First Data to make a significant contribution toward associate student debt, while offering enhanced employer of choice benefits.
First Data recently asked 6,000 of its associates to complete a brief survey about student debt in order to better understand the needs of its employees as it relates to managing and accelerating student debt pay down. The survey revealed that 92% of respondents with student loans were interested in programs and benefits that would help them repay their student debt.
First Data immediately responded to this area of interest by incorporating the FutureFuel.io platform into its internal merit-based rewards program called Own It Honors (OIH). Through the program, First Data associates now have the option to redeem their OIH points as payments to their student loan of choice. FutureFuel.io's platform aggregates multiple student loans onto the platform, presents the impact of the OIH rewards points to their student debt, and engages associates in gamified behaviors such as sweeping spare change from everyday transactions toward their highest interest rate student loan.
"First Data, and all employers, are facing a tight labor market. In order to compete for today's emerging workforce, reinforce our position as an employer of choice, and encourage associates to take a long-term view of their career path inside the firm, we understand the need to offer new and innovative benefits," said Anthony Marino, Executive Vice President, Head of Human Resources, First Data. "So far, we've had an overwhelmingly positive reaction from our associates in helping them pay down student debt."
"FutureFuel.io was a compelling partner given that they sit at the intersection of the future of work and education," said Chris Foskett, Executive Vice President, Head of Business and Corporate Development, First Data. "They are the most innovative platform provider in-market and successfully addressed our rigorous security requirements."
"It is an honor to be able to support First Data's vision through the launch of this program," said Laurel Taylor, Founder, CEO, FutureFuel.io. "Through partnerships with employers like First Data, FutureFuel.io plans to eliminate more than $30 billion in student debt by 2021."
To learn more about FutureFuel.io, please visit https://futurefuel.io/.
FutureFuel.io exists to crush student debt with innovative technology, partnerships, and machine learning solutions. FutureFuel.io's Student Debt FinHealth platform enables employers to offer benefits designed to attack employees' No. 1 source of financial stress: student debt. Zero payroll integration required. Launched and live within an hour. To learn more about FutureFuel.io, visit https://futurefuel.io/.
About First Data
First Data (NYSE: FDC) is a global leader in commerce-enabling technology and solutions, serving approximately six million business locations and more than 3,700 financial institutions in more than 100 countries around the world. The Company's 19,000 owner-associates are dedicated to helping companies, from start-ups to the world's largest corporations, conduct commerce every day by securing and processing more than 3,000 transactions per second and $2.6 trillion per year. For more information, visit www.firstdata.com and follow us on Twitter at @FirstData and LinkedIn.
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