Bilt, a loyalty program focused on enabling members to leverage their major expenses for reward points while paving the way to homeownership, has initiated efforts to address student debt. On Wednesday, Bilt introduced two new programs aimed at alleviating two significant financial challenges for students: loans and college accommodation costs.
Bilt members now have the option to use their accumulated points to offset student loans managed by servicers such as Nelnet, MOHELA, Sallie Mae, Aidvantage, and Navient, with plans to include more servicers in the forthcoming months. The conversion rate stands at 1,000 Bilt points equating to $10 directed towards student loan payments.
Additionally, through a collaboration with American Campus Communities (ACC), a leading student housing company, Bilt members will have the opportunity to earn rewards points on their housing payments, thereby enhancing their credit history. This initiative will initially commence in May at Baylor University’s U Pointe on Speight and The Union properties, with aims to extend this program to the wider ACC portfolio in the near future, potentially reaching nearly 140,000 students.
Bilt’s founder and CEO, Ankur Jain, highlighted that student debt is the second-largest category of consumer debt in the United States. By enabling members to apply their points towards loan payments, Jain emphasized the company’s commitment to fulfilling a crucial financial need while distinguishing their program as offering a highly valuable and adaptable points currency in the market.
These initiatives are part of Bilt’s strategy to enrich its value proposition for younger generations by broadening its network of homes and identifying ways to maximize the value members gain from their substantial monthly expenses. Founded in 2019, the company has evolved from a platform focused on earning points through rent payments into a comprehensive rewards ecosystem encompassing earnings from various everyday expenditures, thereby assisting in credit building.
Bilt has previously partnered with Walgreens to enable members to utilize their unused Flexible Spending Account and Health Savings Account funds for eligible purchases, along with earning points on all Walgreens transactions. Presently, Bilt members can accrue points on rent payments across more than 4.5 million homes nationwide, and the platform offers rewards for signing or renewing leases.
In November, Bilt launched a program that allows users to earn points when purchasing a home, which the company claims as an industry first. These points can be redeemed for travel, dining, fitness classes, or eligible student loan payments via the Bilt website or mobile app, which is accessible for free.
