SoFi and JetBlue (NASDAQ: JBLU) announced a partnership that lets those with student loans simultaneously lower their payments while earning valuable airline loyalty points, the first partnership between a direct lender for student loans and an airline.
Through the partnership, JetBlue’s TrueBlue members who refinance their student loans with SoFi will now earn 1 TrueBlue® point for every $2 they refinance through the lender, up to 50,000 points. With average monthly savings of $288*, refinancing student loans with SoFi frees up extra money that members can use to pursue travel plans, save and invest for the future, or buy a home.
Younger Americans, especially the Millennial generation, are eager to travel but record student debt levels are holding them back:
The average Class of 2016 graduate is carrying $37,172 in student loan debt
When asked which investment, purchase or life event has been delayed due to student debt repayment, 53% of Millennials said travel, more than buying a home (45%) or saving for retirement (38%)
Of Millennials who do not have enough money to travel as much as they’d like, nearly 90% say that if they suddenly had more money to spend, they would travel more.
«We hear every day from SoFi members that refinancing their student loans helps them get more out of life,» said Catesby Perrin, VP of Business Development at SoFi. «We’re thrilled to work with JetBlue to open up a world of travel opportunities while helping people pay off their student loans faster at the same time.»
TrueBlue members are able to refinance their loans with SoFi and earn points today by visiting https://www.sofi.com/jetblue/.
«Our new partnership with SoFi truly rewards loyalty, allowing TrueBlue members to earn points while lowering their student loan debt,» said Scott Resnick, director loyalty marketing, JetBlue. «SoFi has created an innovative model that helps those with debt refinance while earning points for future travel»…
