Fully launching this spring, Giveback by FutureFuel.io is a payments platform that gives users automatic cashback for student debt when users shop online at participating retailers.
FutureFuel.io, which said the platform helps “users crush student debt, and was previously only available as an employer benefit,” has now partnered with more than 450 retailers — “including brands like Macy’s and Harry’s to launch a first-of-its-kind program to help all student debt holders take action to pay down student debt faster.”
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FutureFuel.io said users can earn up to 30 percent cash back “as credits toward their student debt balance when they shop online at a growing list of retailers and brands.
FutureFuel.io said its platform is one of “many ‘snackable actions’ that consumers and employees alike may take to accelerate the paydown of their debt.” The company noted that based on its own research, 62 percent of U.S. consumers described paying down their student debt as a personal goal for 2020.
“And it’s no wonder. At $1.5 trillion and growing, a figure that surpasses both consumer credit card and auto loan debt, student loan debt represents a major financial crisis in the U.S.,” FutureFuel.io said in a statement today adding that the platform “starts by integrating with users’ student loan accounts to help users better visualize repayment and then automates payments to ensure the fastest and highest paydown.”
The company said the “power of the platform then comes in the form of gamified, ‘snackable’ actions, such as sweeping spare change towards debt, reassessing if the user is on the right repayment plan, and now, with the newly announced program, the ability to apply retailer cashback programs towards student debt.”
Laurel Taylor, founder and chief executive officer of FutureFuel.io, said working with employers and their employees, “we observed the power of accelerating student debt paydown through small, or what we call, snackable actions.”
“This data demonstrates that when debtholders make micro changes, thousands of dollars and years of time can be taken off their paydown horizon,” Taylor explained. “It is exhilarating to bring the full power of our platform strategy to serve all 45 million Americans struggling with student debt. Giveback by FutureFuel.io is yet another way to empower the entire household to double down on their student debt paydown, in a way that feels painless and invisible, as it’s simply integrated into the workflow of daily living.”