Spinwheel
CARES
Our newest Student Debt API Solution provides seamless, safe, and reliable access to student loan data, with the reporting that employers need to take advantage of all of the benefits associated with the CARES Act and Secure 2.0. Spinwheel CARES is ideal for employee benefits providers, 401k providers, and financial apps/services.
Prepare for the end of the payment pause:
- Data & connectivity to power the compliance with the CARES Act and Secure 2.0
- More than 14M loans have been impacted by loan servicer changes and will need to be reconnected. Our platform covers 99.9% of federal and private loans covered
- Borrowers previously enrolled in auto-pay will need to reenroll, which is built into our platform
Reporting that includes:
- Total amount of tax-deductible contributions toward student loans – up to $5250/employee
- Tracking employees’ student loan contributions to allow companies to contribute a retirement savings match, per the expected-to-be-passed Secure 2.0 Act
- Impact reports showing the money and time saved per employee by using Spinwheel’s debt optimization technology
Examples in Practice
Helping their 2MM customers with one of their top 3 financial goals: taking control of their student debt.
Launching to all corporate customers to help meet high demand for student loan management; also helping employees increase investments to their 401K (50% of those w/ student loan debt have lower balances)
