The Milford Bank has partnered with financial technology firm FutureFuel.io to offer a platform that helps customers manage student debt.

The bank launched the FutureFuel.io platform last month, giving customers online tools to set data-driven goals, optimize plans for making federal repayments, and consolidating and refinancing loans, The Milford Bank said in a statement. The platform also includes a program that converts cash-back rewards and spare change into student debt payments.

FutureFuel.io helps borrowers pay off their student loans an average of five years faster, the bank said, and save between $15,000 and $40,000.

“Meeting the needs of the communities we serve has always been our mission,” Susan Shields, president and CEO of The Milford Bank, said in the statement. “Our partnership with FutureFuel.io addresses one of the biggest financial challenges many people face today – student loan debt.  We are proud to partner with FutureFuel.io to bring our customers this powerful platform to help students and parents take control of their student loan debt. FutureFuel.io is an expert in this field and pairs well with the solutions-oriented services our customers have come to expect from us.”

The New York-based FutureFuel.io recently completed a Series A1 round of equity funding, with investors including UBS, Fiserv, Aflac and Salesforce. FutureFuel.io has generated $26.2 million in savings for its users to date in 2021, according to the statement.

“So many of the nation’s 45 million student loan borrowers struggle to manage their debt,” Laurel Taylor, CEO and founder of FutureFuel.io, said in the statement. “Community banks are an essential part of breaking the cycle of financial instability caused by student debt. I’m thrilled that The Milford Bank is leading the way in what will become the new standard for customer-centric financial services.”

The Milford Bank has about $528 million in assets and five branches in Milford and one in Stratford.