Bilt Rewards is a loyalty program that offers perks on rent payments and mortgages, bringing attention to student loans, one of the nation’s biggest debt problems.
The New York-based startup, which operates as a payment processor, announced a program on Wednesday that rewards students with loans and campus housing payment points.
The company already boasts programs for renters, home buyers, condominiums and cooperative owners. BILT members can spend points on travel and other expenses with over 100 major airlines and hotel partners. Fitness class. Eat out; Lyft Rides; and even prescriptions are replenished with Walgreens.
“All tariffs are more expensive than ever, all different global economic challenges,” Ankur Jain, founder and CEO of Bilt and former Tinder executive, told The Post.
“When you’re paying rent, you have to start paying your student loans and you’re trying to buy everything else.
Bilt’s student loan payment repayment plan, which began Wednesday, aims to ease the financial burden on university students, allowing you to redeem points for loan repayments with eligible services such as Nelnet, Mohela and Sallie Mae.
Increased student loan debt is a major issue looming on 42.7 million borrowers paying more than $1.6 trillion in student debt on April 21. According to the Ministry of Education.
Over five million of these borrowers said they have not made monthly payments in more than 360 days and are sitting at default.
Bilt customers earn around 1 point for every dollar they spend, with 1,000 points earning a redemption value of $10.
The company has a co-branded MasterCard with Wells Fargo, but users can also earn points by adding existing credit cards to the Bilt app. Some cards will charge a transaction fee, but you can sign up for free.
The Bilt’s Neighborhood Program offers savings at local restaurants and gyms. These products will be expanded to university campuses.
“Going to a local pharmacy on campus will save you automated medical care,” Jaina told the Post. “You can get comp smoothies at Barry’s boot camp, free shoes and water on Soul Cycle. If you’re a college student, these are real savings.”
Bilt is also launching a new program that offers compensation for housing payments for students. This is a partnership with Blackstone and the American campus community. It manages apartments for institutions across the country, including the University of Michigan at Ann Arbor, the University of North Carolina at Chapel Hill, and Princeton University in New Jersey.
The Housing Benefits program will begin at Baylor University in Texas later next month as a pilot program for students aged 18 and up.
“Pupils are now planning on building credits with rental payments, which is huge, huge and huge that you can leave school with a more mature credit profile,” Jain told the Post.
“Paying rent on campus will help you either get the ability to travel that you want to photograph something you can’t afford otherwise, or help you pay back some of your student loans.
BILT was released in 2022. Kenschneau, former CEO of American Express, serves as the board chair, and NFL commissioner Roger Goodell is the company’s independent director.
