Gradifi Says U.S. Employers Are Expanding Financial Wellness Programs To Help Employees Minimize Student Loan Debt
June 18 2018 - 9:00AM
Business Wire
Gradifi, 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 Digital,
Descor Builders, and Argo Translation.
“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
info@gradifi.com.
About Gradifi
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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version on businesswire.com: https://www.businesswire.com/news/home/20180618005197/en/
Gradifi Media ContactElizabeth Yekhtikian,
617-686-9541gradifi@inkhouse.com
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