Gradifi Introduces New College Savings Benefit For U.S. Employers
November 16 2017 - 7:00AM
Business Wire
Companies Can Now Help Employees And Their
Families Avoid Student Loan Debt; New Program Complements
Gradifi’s Highly Regarded Student Loan Repayment Benefit
Gradifi, a leader in student loan paydown benefit programs for
U.S. employers, today launched College SaveUp Plan, an innovative
HR benefit that will help employees save for college for their
children.
Gradifi’s College SaveUp Plan benefit enables companies to make
monthly contributions to an employee’s existing 529 college savings
account. A 529 plan is a tax-advantaged savings account available
to families in almost every state in the nation.
College SaveUp Plan is designed as a stand-alone employee
benefit or can be integrated with Gradifi’s SLP Plan® (Student Loan
Paydown) benefit, which allows employers to make contributions to
accelerate the payoff of an employee’s student loan debt. Gradifi
has commitments from nearly 250 companies to offer its SLP
Plan.
Gradifi is the first to bundle both a student loan repayment and
college savings program benefit in a single, scalable,
easy-to-implement platform.
“With 44 million Americans struggling with student loan debt, we
see an opportunity to extend our student loan repayment platform
and integrate a college savings benefit,” said Gradifi CEO Tim
DeMello. “This is another game-changer from Gradifi that will help
families avoid student loan debt and enable employers to
differentiate themselves in the marketplace.”
Steve Connelly, CEO of Connelly Partners, which is offering the
SLP Plan to its employees, said: “Paying down student loan debt is
beyond stressful for half our employees, and Gradifi has given us a
way to help them. Saving for college is equally stressful for the
other half of our employees. And now Gradifi has a way to help them
as well.”
College SaveUp Plan is part of Gradifi’s broader mission to help
employers support their employees’ investment in education and
address the challenges of financing higher education.
Nationally, college tuition has been rising 6% annually. At that
current rate of increase, the cost of a private college education
would be $500,000 in 18 years. In terms of student loan debt, many
borrowers are struggling as student debt continues to rise.
Nationally, the median amount borrowed for a bachelor’s degree is
$26,500 and is $45,000 for an MBA, according to research
commissioned by Gradifi.
College SaveUp Plan gives employers the flexibility to set the
program’s eligibility requirements and the dollar amount of the
contribution, just like the SLP Plan offering. Employees must have
an established 529 savings account to receive the employer
contribution.
About Gradifi
A First Republic company, Gradifi is an innovator in educational
employee benefits for U.S. employers. Gradifi offers both a student
loan repayment benefit and college savings benefit program through
its scalable, easy-to-implement online platform. Gradifi’s mission
to help employers compete more effectively for talent by providing
employee benefits that support an employee’s investment in
education. Gradifi works with nearly 250 companies across the U.S.,
and the company’s SLP Plan® is endorsed by the American Bankers
Association. To learn more, visit www.gradifi.com or
www.twitter.com/gradifi.
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version on businesswire.com: http://www.businesswire.com/news/home/20171116005478/en/
For GradifiElizabeth Yekhtikian,
617-686-9541gradifi@inkhouse.com
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