Bilt Rewards launches new program to help with student debt

Bilt, a loyalty program designed to help members utilize their largest expenses for rewards points and build a path toward homeownership, is now tackling student debt.

On Wednesday, Bilt launched two new initiatives that would assist with two of the most significant financial burdens facing students: loans and college housing.

Bilt members will now be able to redeem the points they have earned on student loans serviced by Nelnet, MOHELA, Sallie Mae, Aidvantage and Navient, though additional servicers will become available in the coming months. Every 1,000 Bilt points can be redeemed for $10 toward student loan payments.

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Through a partnership with leading student housing company American Campus Communities (ACC), Bilt members will also be able to earn rewards points on their housing payments while building credit history. 

Baylor University’s U Pointe on Speight and The Union properties will be the first to adopt this program in May. However, Bilt has plans to expand this initiative to the broader ACC portfolio in the coming months. In total, it would serve nearly 140,000 students. 

“Research shows that student debt is now the second-largest form of consumer debt in America,” Bilt founder and CEO Ankur Jain said. 

By allowing members to utilize their points to pay down their loan payments, Jain said the company is “addressing a critical financial need while continuing to differentiate our program as offering the most valuable and flexible points currency in the industry.”

The initiatives highlight how the company wants to boost its value proposition for a younger generation by expanding its “network of homes and looking for ways to help our members maximize value from their largest monthly expenses,” Jain said. 

Since the company’s inception in 2019, Jain has been rapidly building and expanding the company’s rewards platform. What began as a way to earn points for rent payments has evolved into a broader ecosystem that lets users earn rewards for everyday expenses, whether it’s shopping at a local pharmacy, paying rent, or even buying a home, while helping them build their credit. 

Last fall, the company partnered with Walgreens to help members use their unused Flexible Spending Account and Health Savings Account funds for eligible purchases while also earning points on all Walgreens transactions.

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Today, Bilt members can earn points on rent payments on more than 4.5 million homes nationwide. The platform also offers rewards when members sign or renew a lease.

In November, it launched a program allowing people to even earn points when purchasing a home, which the company touted was an industry first. 

These points can be redeemed for travel, dining and fitness classes. Bilt points can be redeemed for travel, dining and fitness classes and toward eligible student loan payments on the Bilt website or the Bilt mobile app. The app is free for users to sign up.