Bilt Rewards Introduces New Initiative to Aid in Paying Off Student Loans
Get the scoop from Bilt Rewards CEO Ankur Jain on 'The Claman Countdown.' Bilt, a rewards program designed to convert large expenses into reward points and pave the way towards homeownership, has taken on a new challenge: student debt.
On Wednesday, Bilt rolled out two groundbreaking initiatives aimed at addressing two of the most notable financial issues for students: loans and college housing.
Bilt members now have the option to cash in the points they've racked up to make payments on student loans serviced by Nelnet, MOHELA, Sallie Mae, Aidvantage, Navient, and others. With every 1,000 Bilt points, you can snag a neat $10 off your student loan burden. Keep an eye out for more loan servicers joining the lineup in the near future!
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Bilt has teamed up with American Campus Communities (ACC), a top student housing company, to enable students aged 18 and up to accumulate rewards points on their housing payments and build a solid credit history, sans any transaction fees. Starting this May, students living at Baylor University's U Pointe on Speight and The Union properties can reap the benefits. By summer, Bilt aims to extend this program to ACC's wider portfolio, impacting approximately 140,000 students' financial lives.
"Research shows that student debt is now the second-biggest consumer debt category in America," Bilt founder and CEO Ankur Jain explained. By offering members the opportunity to utilize their points to cover their loan repayments, Jain explained that the company is addressing a pressing financial need while continuing to position its program as offering the most valuable and flexible points currency within the industry.
By expanding its network of homes and finding ways to help members make the most of their largest monthly expenses, Bilt plans to boost its allure for a younger generation.
Since its inception in 2019, Jain has been aggressively growing and expanding the Bilt rewards ecosystem. Initially, points could only be earned for rent payments, but now, you can redeem them for daily expenses like grocery runs, paying rent, or even scoring a dream home, all while building your credit history.
Last fall, Bilt collaborated with Walgreens to help members utilize their surplus Flexible Spending Account and Health Savings Account funds for eligible expenses, and accrue points on all Walgreens transactions.
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Currently, Bilt members can collect points on over 4.5 million rentals nationwide. The platform also rewards points when members sign or renew leases. In November, Bilt debuted a program allowing members to even earn points when buying a new home – an industry first!
These points can be redeemed for vacations, meals at local restaurants, fitness classes, and more. Plus, they can be put towards eligible student loan payments on the Bilt website or app. The app is entirely free for users to join.
- Bilt Rewards members can now use their accumulated points to make payments on eligible student loans from servicers like Nelnet, MOHELA, Sallie Mae, Aidvantage, Navient, and others, with every 1000 points equating to a $10 reduction in student loan debt.
- In partnership with American Campus Communities (ACC), Bilt has launched a program enabling students aged 18 and up to earn rewards points on their housing payments, without any transaction fees, starting this May at Baylor University's U Pointe on Speight and The Union properties.
- Bilt's collaboration with ACC aims to extend this program to its wider portfolio, potentially impacting the financial lives of approximately 140,000 students by summer.
- Addressing student debt, a significant financial issue for students, is part of Bilt's strategy to position its program as offering the most valuable and flexible points currency within the industry.
- By expanding its network of homes and providing ways for members to use their points to cover their largest monthly expenses, Bilt aims to boost its appeal to a younger generation.
- Since its inception in 2019, Bilt has grown its rewards ecosystem to allow points to be earned not only for rent payments but also for daily expenses like groceries, and redeemed for various rewards such as vacations, meals, fitness classes, and eligible student loan payments.
- Last fall, Bilt partnered with Walgreens to enable members to utilize their surplus Flexible Spending Account and Health Savings Account funds for eligible expenses and accrue points on all Walgreens transactions.
