New look. same genius. We have some big, exciting news to share, and you may have already noticed that something is different.
Student Loan Genius has changed its name to Vault. This isn’t a decision we made lightly or quickly; rather, this is the outcome of a six-month-long journey of in-depth research, strategy and planning, to land on a new identity that best fits who we are as a company.
Vault was born out of the desire to solve a very real and increasingly suffocating financial problem affecting an overwhelming majority of employees: student loan debt.
Debt is crushing today’s workforce. More than 44 million Americans collectively carry $1.5 trillion in student debt as of the first quarter of 2018, according to the Federal Reserve. By 2027, 75 million Americans will have $3 trillion in student loan debt.
At the same time, employers are struggling to hire and retain the best talent in an increasingly competitive job market. They can offer health insurance, a retirement plan, and office perks, but what if there’s an opportunity to offer a stand out benefit that can make a real impact in solving one of the biggest financial challenges of our generation?
Enter Vault. We’re committed to helping employers work with their employees to tackle student loans through contribution programs, education and expert consulting. Our insights, technology and ambition combine to help employees get a jump start on their tomorrow, turning HR into debt-busting heroes whose work in rebalancing debt helps to gain and retain the best employees.
Today, major companies like New York Life, Ralph Lauren and Mastercard offer Vault to differentiate themselves in an increasingly competitive marketplace and offer an attractive employee benefit that improves hiring and retention. We also recently welcomed American Family Insurance into the fold as a new customer.
We may have applied a fresh coat of paint, but you can be reassured that our foundation is as rock solid as ever. We get down into the trenches to ensure results that give our clients an advantage in the marketplace. This attitude and drive is at the center of everything Vault does.
Our rebrand also comes on the heels of other exciting news for our company, including the launch of Vault Match, a new 401(k) product that can help employers allocate unused 401(k) dollars to student loan benefits. We also closed a $3.5 million Seed Series Prime financing round in May 2018 with Vestigo Ventures, and brought in Romy F. Parzick as our new Chief Operating Officer. It’s an exciting time to be at Vault!
Remember, the new name does not mean new priorities. Vault’s primary focus remains on helping organizations attract and retain top talent by providing their employees with essential benefits to ensure progress, security and financial freedom.
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