Summer, a workplace student loan solution, has announced $9 million in additional funding led by Rebalance Capital and SemperVirens. The company partners with employers to help employees save money on student loan debt.
The rising cost of college and student loans concerns many employees across different industries and income levels. This debt can hinder their ability to achieve other financial goals such as saving for retirement. Employers are also affected by this issue, as employees with student loan debt could be more likely to leave their workplace.
Summer aims to address these challenges by providing a comprehensive solution that simplifies the implementation of student loan and education assistance benefits for employers. The company has worked with over 800 employers, including Fortune 500 companies, hospital systems and government entities. It will use its new funding to expand its leadership team, grow its advisory board and enhance its tech-based solution.
