In recognition of the urgent need to support financial wellbeing in the workforce, intellicents has partnered with AI-driven student debt and savings optimization platform Candidly to provide its clients access to Candidly’s suite of student loan and financial wellness benefits.
According to the firm’s announcement, the newly formed collaboration serves to support intellicents on its mission to help the typical American worker get their financial house in order by helping them plan and pay for college, repay student debt, and build savings.
Founded in 2016 by CEO Laurel Taylor, Candidly partners with employers and financial services companies serving the workplace—such as 401(k) and 403(b) recordkeepers and retirement plan advisors—to offer its suite of student debt and SECURE 2.0 retirement savings products.
For the majority of the 45 million Americans who carry student debt, the return of federal student loan repayment—which resumed in Fall 2023 after a more than three-year-long moratorium—has proved challenging. In fact, nearly 40% of borrowers reportedly failed to make their first post-moratorium payment, the firm noted.
The burden of these monthly payments, which average nearly $400, has set off a domino effect that often lasts a lifetime. As an example, the firm notes that 80% of borrowers delay retirement savings while paying off college debt, and by age 30, the average borrower has 50% less retirement savings than peers who didn’t take out loans to pay for school.
“The average American’s poor overall financial health was exposed during the covid pandemic as they struggled with nonexistent budgeting skills, no emergency savings, and an enormous debt load,” stated intellicents co-founder and CEO Brad Arends. “Like intellicents, Candidly recognizes the terminal impact poor debt management can have on the finances of the American worker and their families. They are the industry leader in providing student debt solutions and together we are on a crusade to ‘over-serve the underserved,’” added Arends.
Since borrowers have resumed student loan repayments, Candidly notes that it has seen an increase in utilization upwards of 460%. According to the firm’s data, workers who qualify for the new Save on A Valuable Education (SAVE) Plan have saved an average of $453 on their monthly payments.
Further, the firm’s Student Loan Retirement Match solution utilizes the SECURE 2.0 provision that went into effect on Jan. 1, 2024, enabling employers to match employees’ student loan payments with tax-advantaged retirement plan contributions.
“Brad Arends is a visionary. Together, our mission is to enable Americans of all ages and wages to go beyond debt, into wellness, and ultimately wealth,” added Taylor. “It is an honor to partner with intellicents, bringing our innovative student debt, savings, and retirement savings solutions to the plan sponsors and participants we collectively serve.”
