The Bilt Rewards program has rolled out a number of thrilling updates in current months, from letting members earn factors on hire with non-Bilt bank cards to introducing rewards on residence purchases. Now, Bilt is including much more new options — this time geared towards college students and former college students.
Beginning in the present day, you may redeem Bilt Factors towards scholar mortgage funds. And shortly, faculty college students will be capable of earn useful transferable factors at choose scholar housing suppliers.
Here is all the things we all know up to now.
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Pay scholar mortgage debt with Bilt factors
Bilt’s latest redemption choice is one you will not discover anyplace else: Now you can redeem Bilt factors to repay your scholar mortgage.
Now, Bilt members can redeem their factors towards scholar loans serviced by Nelnet, Mohela, Sallie Mae, Aidvantage and Navient. In response to a press launch, Bilt plans to introduce further servicers within the coming months.
You possibly can redeem Bilt factors instantly towards eligible scholar mortgage funds through the Bilt app or web site. For each 1,000 factors you redeem, you will take $10 off your scholar mortgage stability. Due to this fact, you are getting 1 cent per level in worth.
TPG values Bilt factors at 2.05 cents per level, per our April 2025 valuations; due to this fact, you will be getting lower than half the worth. To maximise your Bilt factors, we advocate redeeming them for journey by Bilt’s airline and lodge switch companions. Nonetheless, if paying with factors means that you can repay your debt before you could possibly with money alone, you could possibly, in concept, get barely extra worth by decreasing the quantity you pay in curiosity over time.
It is a good choice to have — and the primary redemption pathway of its type — if you happen to’re trying to chip away at your scholar mortgage stability.
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Associated: How lengthy do Bilt Rewards factors take to switch?
Earn Bilt rewards on scholar housing
Redeeming Bilt factors towards scholar loans is not the one manner Bilt is making an attempt to courtroom youthful shoppers. This system has introduced plans to let college students 18 and older earn rewards on choose scholar housing funds.
This function is about to launch in late Could with Baylor College’s U Pointe on Speight and The Union properties, which belong to the American Campus Communities (ACC) portfolio, the nation’s main scholar housing firm. As well as, Bilt has introduced “plans to broaden to the broader ACC portfolio, serving almost 140,000 college students, within the coming months.”
Though it is within the early levels, that is an thrilling improvement that would assist hundreds of younger shoppers construct credit score historical past and earn useful rewards on considered one of their largest bills.
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Backside line
Bilt Rewards already gives a one-of-a-kind worth proposition to many shoppers by awarding factors on hire funds. Now, this system is including worth for college kids and former college students by permitting factors to be redeemed towards scholar loans.
College students ought to watch this house to see when and the way this system expands its scholar housing choices. Equally, many owners are eagerly ready to see if and when Bilt begins providing rewards on mortgage funds.
