Fifth Third Customers Now Have New Ways to Tackle Their Student Loans
CINCINNATI--(BUSINESS WIRE)--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.
Laura Trujillo
513-534-NEWS