Bilt Rewards, a loyalty program that offers perks on rent payments and mortgages, is turning its attention to one of the nation’s biggest debt problems – student loans.
The New York-based startup, which operates as a payment processor, on Wednesday unveiled programs that will reward students with points for their loan and campus housing payments.
The firm already boasts programs for renters, as well as homebuyers and condo and co-op owners. Bilt members can spend the points on expenses like travel, with more than 100 major airlines and hotel partners; fitness classes; dining out; Lyft rides; and even prescription refills at Walgreens.
“With all the tariffs, with all the different global economic challenges, things are more expensive than ever,” Ankur Jain, Bilt’s founder and chief executive and a former Tinder exec, told The Post.
“When you’re paying your rent, you have to start paying your student loans off and you’re trying to afford everything else, it’s just crazy how expensive it is.”
Bilt’s Student Loan Payment Redemption plan, which launched on Wednesday, aims to ease the financial burden on college students, allowing them to redeem points on loan repayments with eligible services like Nelnet, MOHELA and Sallie Mae.
Mounting student loan debt is a huge problem looming over the US, with 42.7 million borrowers owing more than $1.6 trillion in student debt as of April 21, according to the Department of Education.
More than 5 million of those borrowers have not made a monthly payment in more than 360 days and sit in default, the department said.
Bilt customers will earn about one point for every dollar they spend, with 1,000 points earning them $10 in redemption value.
The company has its own co-branded Mastercard with Wells Fargo, but users can also add their existing credit cards to the Bilt app to earn points. It’s free to sign up, though some cards are charged a transaction fee.
Bilt’s neighborhood program even offers savings at local restaurants and gyms – and these offerings will be expanding onto college campuses.
“When you go to the local pharmacy on campus, you’ll get your automatic healthcare savings,” Jain told The Post. “You’ll get the comp smoothie at Barry’s Boot Camp, complimentary shoes and water at Soul Cycle. If you’re a college student, these are real savings.”
Bilt is also launching a new program offering rewards on student housing payments. It’s a partnership with Blackstone and American Campus Communities, which manages apartments at institutions across the country, including University of Michigan in Ann Arbor, University of North Carolina at Chapel Hill and Princeton University in New Jersey.
The housing perks program will start at Baylor University in Texas later next month as a pilot program for students age 18 and over.
“Students are going to build their credit now with rental payments, which is a huge, huge, huge thing, to be able to come out of school now with a more mature credit profile,” Jain told The Post.
“Paying your rent on campus now gives you either the ability to take that trip you wanted to take that you otherwise couldn’t afford, or helps you save to pay down some of your student loans. I think more than ever that’s a really pretty big deal for someone,” he continued.
Bilt publicly launched in 2022. Former American Express CEO Ken Chenault serves as chairman of its board, while NFL Commissioner Roger Goodell is the firm’s independent director.
Credit: Source link
