Bilt Rewards Now Lets You Pay Student Loan Debt With Points
What if your most significant monthly expense could also help erase your student loans? That's the promise behind a game-changing update to Bilt Rewards, which will now allow members to use Bilt rewards for student loans. Renters can turn the points earned on rent, an expense that typically yields no rewards, into extra payments toward student debt. "Research shows that student debt is now the second-largest form of consumer debt in America," said Bilt CEO Ankur Jain in a company press release. "By enabling members to redeem Bilt Points toward student loan payments, we're addressing a critical financial need while continuing to differentiate our program as offering the most valuable and flexible points currency in the industry," he added.
The program could offer much-needed relief for borrowers, given the volatility in the student loan landscape and the resumption of aggressive student loan debt collections by the Department of Education.
Bilt, a loyalty program that lets renters earn points on rent, has launched a new Bilt Wallet integration that enables direct student loan payment redemptions. Bilt's app now features a Student Loans tab in the Bilt Wallet, allowing members to link loans and make payments with points. Members can redeem points via the Bilt app or website by linking their student loan accounts. Bilt rewards for student loans can currently be used with five major servicers – Nelnet, Mohela, Sallie Mae, Aidvantage, and Navient – with more providers expected to be added soon, according to The Points Guy. Every 1,000 points redeemed would translate to $10 off your student loan balance, yielding a value of 1 cent per point.
This new option comes as student loan borrowers grapple with ever-growing student debt. Student debt is now the second-largest consumer debt category in the U.S., with over $1.7 trillion owed nationwide. With federal student loan payments recently resuming after a multi-year pause, millions of borrowers are likely seeking help to lighten the load.
Bilt's move to let users apply points toward loans directly addresses what CEO Ankur Jain calls a 'critical financial need.' It's a unique approach in the loyalty industry; Bilt points for student loans is a redemption you won't find with other major reward programs, giving those with college debt a new repayment toolkit.
Bilt is also one of the only programs that lets you earn points on rent. For many Americans, rent is the most significant monthly expense, yet it usually yields no rewards because most cards charge fees for rent payments. Bilt changed that paradigm by partnering with major landlords and launching the Bilt Mastercard. Today, renters nationwide in over 4.5 million homes can earn points on rent with no fees, and those rent points can directly pay down student loans. This essentially lets renters double dip on life's two most significant expenses, housing, and education, by using rewards from one to chip away at the other.
The redemption rate when using Bilt points for student loans is currently slated to be 1 cent per point. In other words, 10,000 points would yield $100 toward reducing your student loans. That's decent, but not the best value Bilt points can offer.
Bilt points shine more when used for travel. The Points Guy values Bilt points at roughly 2.05 cents each when transferred to airline or hotel partners, more than double what you get on a loan redemption. If maximizing value is your goal, you can often do much better-using points for flights or hotel stays instead of loans.
Of course, not everyone cares about travel rewards. A simple cash-out is more useful for many borrowers; at least here, you get a solid rate. The 1 cent per point for student loans is much better than Bilt's other cash-out options. For example, a regular statement credit yields only roughly 0.55 cents per point per the Frequent Miler, and using points for Amazon or Lyft gives around 0.7 cents. By that measure, paying student loans with points nearly doubles those values. Using points now also means you'll pay off your loan faster and save on interest, effectively boosting your payoff value beyond 1¢ per point.
One word of caution. Given the dearth of rewards programs offering rewards points for paying rent, there is little downside to using Bilt for rent payments. However, this does not extend to using the Bilt Mastercard for non-rent payments and purchases. Other credit card reward programs offer more competitive earning and redemption opportunities and should be considered. Indeed, this is one of the reasons why Wells Fargo was said to be losing $10 million a month as the co-branded issuer of the card, according to the Wall Street Journal.
Putting Bilt rewards points toward student loans is a welcome new option for consumers focused on paying down debt. It won't always be the best use of your points, but a guaranteed penny-per-point toward your balance might beat waiting for two cent-per-points in travel rewards if you have student loans. This feature turns your rent payments into student loan assistance, a win-win if paying off debt is your priority.
If you have student loans, it's worth considering whether it makes sense to put some points toward your balance, especially if you don't have a high-value travel redemption planned. On the other hand, if you're an avid traveler, you might prefer to save your points for an airline or hotel transfer that could double their value.
Ultimately, it is refreshing to see a rewards program tackle student debt. By enabling Bilt rewards for student loans, Bilt is letting renters turn everyday spending into real financial relief, a game changer.
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