a leader in employee benefits that minimize student loan debt, today
said a growing number of employers are broadening their commitment to
financial wellness by offering both college savings and student loan
repayment benefits to employees.
A dozen organizations that have been offering Gradifi’s Student
Loan PayDown Plan (SLP Plan®) program
have recently added Gradifi’s College
SaveUp Plan (CSU Plan), which enables
employers to make monthly contributions to an employee’s existing 529
college savings account. Among the employers offering both programs are 3Q
Builders, and Argo
“College SaveUp and Student Loan PayDown plans are an unbeatable
combination in today’s full-employment economy,” said Meera Oliva, Chief
Marketing Officer of Gradifi. “Financial wellness programs such as
college tuition assistance and student loan repayment program reduce the
high cost of employer turnover and provide a competitive advantage in
recruiting talented employees.”
College SaveUp addresses the rising cost of tuition, which has been
climbing 6% annually across the U.S. At the current rate of increase,
the cost of a private college education would be $500,000 in 18 years.
Through College SaveUp, employers can make a direct contribution to an
already established 529 college savings plan account.
Gradifi’s SLP plan enables employers to make direct contributions to pay
down an employee’s student loan debt. For a loan of $26,500 – the median
amount borrowed for a bachelor’s degree – a $100 per month employer
contribution would save over $10,000 in principal and interest over 10
years for a loan with a 4% interest rate. The loan would be paid off
three years faster as a result.
The CSU Plan and SLP Plan can be offered as a turnkey employee benefit
through Gradifi’s cloud-based, easy-to-administer platform. The programs
can be bundled together or offered separately.
For more information, contact Gradifi at 1.844.GRADIFI or email@example.com.
Gradifi helps employers address the new No. 1 concern of employees –
alleviating the burden of student loan debt. Gradifi’s cloud-based
platform gives employers a choice of three high-impact options supported
by objective advice and powerful tools to help employees make smarter
student loan decisions. Gradifi’s Student
Loan PayDown Plan (SLP)® helps employees pay off their
student loans faster by making an employer-sponsored contribution to
their student loan provider. Gradifi
Refi motivates employees to refinance their student loans
through its unique incentive program and relationships with
best-in-class lenders. Gradifi’s College
SaveUp Plan helps defray the cost of college and avoid student debt
through employer contributions to an employee’s 529 college savings plan
account. A unit of First
Republic (NYSE:FRC), Gradifi works with employers of all sizes
across the U.S. www.gradifi.com.
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