BOSTON--(BUSINESS WIRE)--Along with several of its corporate clients, Gradifi, the industry's first SLP Plan™ (Student Loan Paydown) provider, today announced its support of the proposed Employer Participation in Student Loan Assistance Act (H.R. 795), a bill aimed at addressing rising student loan debt. The legislation, which proposes tax benefits for student debt repayment plans offered by employers, similar to those that currently exist for tuition assistance, would encourage private employers to offer such much-needed assistance.
Reps. Rodney Davis (R-Ill.) and Scott Peters (D-Calif.) today held a bipartisan press conference to announce the bill. H.R. 795 empowers employers to provide up to $5,250 each year in student loan repayment assistance as a pre-tax benefit. There will also be tax benefits for participating employers.
“Gradifi applauds Representatives Rodney Davis, Scott Peters, Elise Stefanik, Jared Polis, and the many other members of Congress who introduced the bipartisan Employer Participation in Student Loan Repayment Act,” said Tim DeMello, CEO of Gradifi. “More than 43 million Americans are saddled with student loan debt of more than $1.3 trillion. The time is now to take action to solve this problem. This proposed legislation sends an important message to employers: Congress supports their actions to help employees pay down their student loan debt and will ensure that employees can receive the full benefit offered by employers. We encourage Congress to act quickly and pass this much needed piece of legislation.”
In a letter sent yesterday to Representatives Davis, Peters, Stefanik and Polis, Gradifi and many of its clients urged Congress to pass this much-needed legislation to help address the mounting student loan debt crisis. From the letter:
“We felt the need to step in and help our employees who are struggling with student debt after hearing their stories about the impact this debt is having on their lives … causing individuals to put off major life decisions and fall behind, creating a ripple throughout the economy, one that worries us as employers.”
Gradifi is a Boston-based student loan pay down provider with the first innovative solution to the nation's $1.3 trillion student loan debt problem. Founded in 2014 and acquired by First Republic Bank in December 2016, the company is led by a management team that brings decades of combined experience in consumer financial services and entrepreneurial ventures. By partnering with companies such as PricewaterhouseCoopers to develop employer SLP Plans™ (Student Loan Paydown), rewards programs and brand loyalty programs, Gradifi is shifting the focus on student loan debt - from burden to empowerment. To learn more about Gradifi, visit www.gradifi.com or twitter.com/gradifi.