A Debt API Unlike Any Other

Betterment used Spinwheel’s best-in-class data and unique precision pay solutions with their roboadvising platform to put employer and employee student loan contributions on auto pilot – all tied to Betterment’s 401k platform. Benefits to Betterment’s customers include:

• Employers can now offer this sought-after employee benefit, along with having the option to take advantage of pre-tax treatment on student loan contributions that comply with section 127 of the IRS code
• Employers can also make contributions to an employee’s 401k without a matching contribution when they can verify that they are paying student loans
• Employees can easily sign up and enroll in this benefit, increasing employee participation
• Employees can create a plan to get out of debt years earlier and save thousands of dollars of debt, empowering them with the information they need to increase retirement savings and take control of their financial future

With one integration to Spinwheel’s APIs and embedded UI drop-in modules, Qapital built their innovative Student Loan Freedom product, a debt optimization tool that allows its users to:

• Connect and see all of their loans
• Understand which loans they should pay off first
• Make optimized payments on a one-time or recurring basis
• Understand their refinance options including the impact from a proposed refinance relative to their existing loans
• Set up a new bank account for auto-debit to save .25% on interest rates

Using Spinwheel’s products, Qapital is solving one of its customers biggest pain points all while creating new growth opportunities through refi, new account creation, and payoff.

Tuition.io launched with Spinwheel’s Comprehensive Data + Insights product with incredible results. Because of Spinwheel’s stronger connections and better data:

• User adoption increased because of better coverage, allowing users to connect their loans with servicers that weren’t available without Spinwheel
• User retention increased significantly because users weren’t getting disconnected frequently
• Customer service costs reduced dramatically because users didn’t have to reconnect their loans repeatedly

Using Spinwheel’s solution, Upside is able to:

• Streamline their loan application process by using existing loan information
• Target specific loans and sub loans for refinance and payoff
• Determine the exact amount to be paid off at any point in the future and payoff payments are initiated and reconciled in real time
• Avoid sending paper checks or slow ACH transactions
• Eliminate customer service issues, refunds and clawbacks resulting from over or underpayment
• Close new loans and originations faster, helping borrowers begin building wealth sooner

Partnering with Spinwheel, PeopleJoy quickly launched a completely embedded solution to deliver a comprehensive student loan management experience for borrowers. Using our drop-in modules, PeopleJoy launched within a month, saving more than a year of development time and cost. Benefits include:

• PeopleJoy can ensure that loan types and repayment plans comply
• Borrowers can see all their loans in one place
• Precise payments can be made to individual loans across multiple loan servicers, ensuring that the maximum amount gets applied to principal over interest
• Borrowers can also round up the change from their purchases to make extra payments toward the principal of their most expensive loans

With Spinwheel, PriceChopper launched the first student loan point redemption option in the Grocery market. The program allowed not only student loan borrowers to use their loyalty points to pay down their student loans, but also their loved ones – parents, relatives, etc. By earning points and redeeming them on a weekly basis, shoppers help themselves or someone they care about get out of debt years earlier while saving thousands of dollars. Student debt contributions quickly became a top redemption option in the PriceChopper Loyalty Program.