AUSTIN, Texas, Aug. 12, 2020 /PRNewswire/ — Vault.co, an Austin-based startup and a leader in the student loan benefits technology space announced the launch of the Essential Employees Initiative, created in response to the COVID-19 pandemic. The initiative is offered to clients of Voya Financial and provides essential employees with a Vault™ Advisor account to help plan, manage, and optimize their student loans. The program has launched with Cardiovascular Institute of the South, a world-leader in preventing, detecting and treating cardiovascular and peripheral vascular disease in the Southeast U.S.
“At Cardiovascular Institute of the South, we employ more than 100 providers, and we recognize the importance of partnering with Vault to assist our healthcare employees in managing their student loans,” said Chief Financial Officer Nick Zaunbrecher. “We believe this easy-to-use advisory tool will help our employees to make data-driven decisions based on their goals, like paying off loans sooner or reducing payments.”
In the US, more than 30 million US workers are employed in industries now on the frontlines of the response, the majority of whom are women and people of color. These workers are also more likely to hold student loan debt.
For an employee in need of student loan repayment support, knowing where to start can be an overwhelming journey. The Vault platform provides employers with three core offerings that can be made available to employees, including: Vault™ Advisor, which provides analysis and guidance on how to best deal with existing loans; Vault™ Pay, which allows employers to directly pay down student loan debt for their employees; and Vault™ Match, which allows employers to match student loan debt payments and make a non-elective contribution into an employee’s qualified retirement plan. Employers also have access to Splash Financial, an industry-leading student loan-refinancing platform that saves employees money through low rates.
Voya announced their strategic relationship with Vault in March 2020 as a way to help their customers who are seeking resources to help pay off student debt as fast as possible — without sacrificing saving for retirement. Voya offers Vault’s platform as an optional service to its workplace clients, supporting the company’s broader focus and efforts to address the financial wellness needs of Americans.