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October 27, 2021

Milford Bank partners with tech company on student debt

Photo | Contributed Susan Shields, president and CEO of The Milford Bank.
By Michelle Tuccitto Sullo

In an effort to help customers tackle student loan debt, Milford Bank has entered into a partnership with FutureFuel.io, which offers personalized student debt management solutions.

Student loan debt in the U.S. totals some $1.73 trillion, and roughly 43 million student borrowers owe an average of $39,351 each, according to September statistics from the Education Data Initiative.

Milford Bank customers can now access the FutureFuel.io platform. It includes online tools for goal-setting, federal repayment plan optimization, loan consolidation and refinancing, and programs that convert cash-back rewards and spare change into student debt payments.

FutureFuel.io helps borrowers pay off their student loans faster and save money. According to FutureFuel.io, it has generated $26.2 million in savings for its users to date in 2021. Its slogan is “Crush Your Debt, Fuel Your Future.”

Susan Shields, president and CEO of The Milford Bank, said student loan debt is one of the biggest financial challenges facing many people today. 

“We are proud to partner with FutureFuel.io to bring our customers this powerful platform to help students and parents take control of their student loan debt,” Shields said.   

Laurel Taylor, CEO and founder of FutureFuel.io, said community banks are an “essential part of breaking the cycle of financial instability caused by student debt.”

The Milford Bank, founded in 1872, has five offices and a loan center in Milford, an office in Stratford and a loan production office in downtown New Haven.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.


 

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