Fifth Third Bank and CommonBond Have Teamed Up to Help Students and Graduates Reduce Their Student Debt
November 15 2018 - 8:30AM
Business Wire
Fifth Third Customers Now Have New Ways to
Tackle Their Student Loans
It’s that time of year when recent college graduates have to
start paying back their student loans – “grace period” is ending,
and Fifth Third Bank has a solution. By teaming up with CommonBond,
a leading financial technology company, Fifth Third Bank is
providing its customers with solutions that could help them save
money on their student loans.
“Fifth Third is working hard to help our customers achieve their
goals, and we know that student debt is the single largest obstacle
for many of our millennial customers,” said Ben Hoffman, head of
Fintech Investing and Partnerships and co-head of Strategy for
Fifth Third Bancorp. “We are proud to offer our customers an
industry-leading product and experience with CommonBond to help
them better manage their student debt and accelerate their path to
financial independence.”
CommonBond finances and refinances student loans, and works with
businesses to help their employees pay off student loans. The
company, which was recently named one of TIME magazine’s 50 Genius
Companies, is known for its advanced technology, competitive rates,
and award-winning customer service. CommonBond is also the only
finance company with a one-for-one social mission: for every loan
funded through CommonBond, the company also funds the education of
a child in need.
"We are thrilled to team up with Fifth Third to offer CommonBond
student loan refinancing to Fifth Third customers,” said David
Klein, CEO and co-founder of CommonBond. “With this partnership we
are combining the best of financial technology and banking to make
personal finance better for consumers. Both companies value
delivering great financial products to customers, building
long-lasting brands that matter, and having outsized impact on
communities across the U.S.”
The first payment for many student loans is due six months after
graduation, meaning that many 2018 graduates will begin their
payments this time of year. The average college debt for a 2017
graduate is $39,400, up 6 percent from the prior year.
Fifth Third Bank invested in CommonBond earlier this year and
will now work with CommonBond to offer a student loan refinancing
solution to Fifth Third customers paying down student debt. This
builds on prior success for both companies in this space.
CommonBond has surpassed $2.5 billion in loans funded, and Fifth
Third has helped customers in accelerating the pay down of more
than $1 million in student debt, a year after launching Fifth Third
MomentumSM.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of Sept. 30, 2018,
Fifth Third had $142 billion in assets and operated 1,152
full-service Banking Centers and 2,443 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
53,000 fee-free ATMs across the United States. Fifth Third operates
four main businesses: Commercial Banking, Branch Banking, Consumer
Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of Sept. 30, 2018,
had $376 billion in assets under care, of which it managed $38
billion for individuals, corporations and not-for-profit
organizations through its Trust and Registered Investment Advisory
businesses. Investor information and press releases can be viewed
at www.53.com. Fifth Third’s common stock is traded on the Nasdaq®
Global Select Market under the symbol “FITB.” Fifth Third Bank was
established in 1858. Deposit and Credit products are offered by
Fifth Third Bank. Member FDIC.
About CommonBond
CommonBond is a financial technology company on a mission to
give students and graduates more affordable, transparent, and
simple ways to pay for higher education. The company offers
refinance loans to college graduates, new loans to current
students, and a suite of student loan repayment benefits to
employees through its CommonBond for Business™ program. By
designing a better student loan experience that combines advanced
technology with competitive rates and award-winning customer
service, CommonBond has funded over $2.5 billion in loans for its
tens of thousands of members. CommonBond is also the first and only
finance company with a "one-for-one" social mission: for every loan
it funds, CommonBond also funds the education of a child in need,
through its partnership with Pencils of Promise. For more
information, visit www.commonbond.co.
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Laura Trujillo513-534-NEWS
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