Yesterday, May 30th, SoFi and JetBlue announced a partnership that rewards airline loyalty points to student loan borrowers who refinance with SoFi, according to a press release from SoFi.
JetBlue’s TrueBlue members can now earn 1 TrueBlue point for every $2 of their student loans that they refinance through SoFi. Members of the airline loyalty program have the opportunity to earn up to 50,000 points through the new partnership.
The deal between the finance company and the airline is expected to free up cash for young Americans while simultaneously racking up air travel points. With the average debt per graduate at $28,400, student loans have held back young borrowers from traveling; this partnership aims to help graduates who are eager to get out and travel.
“We hear every day from SoFi members that refinancing their student loans helps them get more out of life,” said Catesby Perrin, VP of Business Development at SoFi. “We’re thrilled to work with JetBlue to open up a world of travel opportunities while helping people pay off their student loans faster at the same time.”
“Our new partnership with SoFi truly rewards loyalty, allowing TrueBlue members to earn points while lowering their student loan debt,” said Scott Resnick, JetBlue’s Director of Loyalty Marketing. “SoFi has created an innovative model that helps those with debt refinance while earning points for future travel.”
Social Finance, Inc,. or SoFi, is an online personal finance company that provides student loan refinancing, mortgages, and personal loans. SoFi was founded in 2011 by four Stanford graduates, Mike Cagney, Dan Macklin, James Finnigan, and Ian Brady.
JetBlue Airways Corporation, or JetBlue, is an American low-cost carrier headquartered in New York City. JetBlue is the 6th largest airline in the U.S. with major operations in Boston, Fort Lauderdale, Los Angeles, Orlando, and San Juan.
Author: Andrew Rombach
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