A small Boston bank is betting it can attract tens of thousands of millennials by giving them a chance to pay off their student loans a few months early, rather than offering more common incentives such as interest on their deposits or airline miles for their purchases.
Radius Bank, a one-branch lender with $655 million in deposits, announced on Tuesday that it has partnered with Gradifi, the student debt-repayment platform known for its work with employers, to relaunch what they described as the nation's only debit card dedicated to paying down account holders' student loans. Radius and Gradifi are pitching debt reduction, rather than rewards points or small reimbursements, to young Americans as part of a plan to capitalize on the nation's nearly $1.4 trillion student loan tab.
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