AI partnership takes aim at workers’ student debt
Candidly, a provider of AI-enhanced student debt and savings optimization, has formed a strategic alliance with intellicents, a comprehensive financial services provider, aiming to alleviate the student loan burden for American workers.
This collaboration is poised to enhance intellicents’ mission of helping “the underserved” members of the American workforce organize their finances, from planning and funding education to managing student loans and accumulating savings.
With fiduciary retirement planning, wealth management, and financial consulting services, intellicents operates across several US states, catering to nearly 400 employers and overseeing around $6.25 billion in retirement and personal financial planning assets.
The partnership aims to drive financial wellness in the workplace as it opens up Candidly’s advanced debt solutions – which it provides to 401(k) and 403(b) record keepers, retirement plan advisors and other stakeholders in the group retirement space – to intellicents’ wide customer base.
The move comes at a critical time, with many borrowers struggling in the wake of the federal move to lift the moratorium on student loan payments last fall. An estimated 40 percent of borrowers missed their initial payment post-moratorium.
The impact of monthly student loan payments, averaging around $400, could ripple out for decades. In a study by Fidelity, seventy-nine percent of individuals with student loans said they have put off contributing to their retirement funds as they work to pay down that debt. On average, by the time they’re 30, these borrowers have half the retirement savings of their peers who didn’t borrow for education.
“The average American’s poor overall financial health was exposed during the
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