One of the first insurers in Canada participating in the pilot to help Canadians repay student debt
Calgary, Alberta--(Newsfile Corp. - July 26, 2021) - Yr Plans Inc. announced a pilot partnership today with Sun Life to help Canadians repay student debt and take control of their financial future. Yr Plans is the first platform in Canada offering this service, which allocates part of employees' retirement savings contributions to repay student loans.
More than half of post-secondary graduates enter the workforce with an average $28,000 in student debt, joining the 2.2 million Canadians with a student loan. In 2018, Statistics Canada reported $28 billion in student debt.
"Student debt is common among professionals, particularly those entering the workforce. We provide a relevant tool to help organizations support and attract skilled talent," said Sangita Prasad, CEO, Yr Plans. "We're excited to be partnering with Sun Life to help improve the financial outcomes for Canadians. This service will help people pay off their debt and focus on what matters most."
Yr Plans gives employees the choice to redirect part of their employer contribution match to their student loan repayment, instead of their retirement savings plan. With this seamless option employees can repay their student debt faster with the money contributed by their employer.
"We are committed to helping our Clients with unique solutions to achieve lifetime financial security and live a healthier life. Sun Life and Yr Plans' pilot partnership is one way we're helping Canadians take charge of their financial future," said Eric Monteiro, Senior Vice-President, Group Retirement Services, Sun Life. "Our goal is to equip Canadians with the tools they want and need - no matter where they are in their financial journey. We are proud to be one of the first health and wealth companies in Canada participating in the pilot."
The pilot will be introduced to select Sun Life Clients this summer. Sun Life's Group Retirement Services provides a suite of products to help Canadians achieve lifetime financial security and live healthier lives. Across Canada, Group Retirement Services supports over 1.1 million Clients.
About Yr Plans
Yr Plans builds and administers unique in-demand employer benefit options designed to attract and retain a skilled workforce. Founded in Calgary in 2019 by John Kenny, Solium Capital co-founder (now Shareworks by Morgan Stanley), Yr Plans' proprietary software enables employers to offer student loan repayment assistance. For more information visit www.yrplans.com.
President & CEO
Yr Plans Inc.
Statistics Canada https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=3710003601
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