With student loan payments set to resume, some employers finding ways to help employees tackle debt
45 million Americans have student loan debt
(InvestigateTV) — After more than three years of relief, the payment pause on student loans is coming to an end. But a new business aims to help the millions of Americans who will be restarting loan payments.
Dolr CEO Naveed Iqbal said the company works with a lot of employers around the U.S. to create incentive programs for employees in two ways.
“The first is the employer just makes a payment to your student loans every month on your behalf. So, imagine you get $100 from work toward your student loan every month,” Iqbal explained. “And the second is more recent, thanks to the Secure Act 2.0 employers can now match student loan payments to a 401K.”
He said Dolr also offers a way for you to sign up for cashback offers. They are partnered with more than 100 retail brands, so purchases send actually money to user’s student loan debt.
“Imagine going to your favorite grocery store or you go buy your favorite shoes and you earn cashback paid directly to your student loans. That’s making a big difference,” Iqbal said. “We try to partner with folks or with brands that people shop at often, right? So that’s why I mentioned grocery stores or like gas stations, places like that, where you’re going to be spending money on a regular basis.”
He said relatives can also sign up for Dolr, so their cash back from shopping helps a person they nominate pay down their debt.
The company is launching an app version soon.
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