BOSTON--(BUSINESS WIRE)--Gradifi, one of the leaders in student loan pay down benefit programs for U.S. employers, today announced that its SLP Plan™ has been implemented by Peloton, a technology company revolutionizing the fitness industry through its connected indoor cycling bike.
Beginning this month, Peloton will contribute $100 a month to accelerate the pay-off of student loan debt held by its employees. Gradifi works directly with student loan servicers to process a company’s contribution, which is credited as an extra principal payment to the employee’s outstanding loan balance.
Peloton is the latest to offer Gradifi’s innovative employee benefit for companies competing for talent in today’s marketplace. PricewaterhouseCoopers (PwC) and Penguin Random House are among the companies offering the benefit to employees. In May, Gradifi announced that 20 more companies will be offering its student loan pay down program.
Gradifi’s strategic objective is to help address the more than $1.4 trillion in student loan debt, which impacts 70% of recent college graduates.
"Peloton wants to be the employer of choice for talented and motivated people, and offering Gradifi’s student loan repayment benefit further strengthens our position as best-in-class,” said Amy Stoldt, Peloton Vice President of People. “Gradifi’s solution is easy to implement and has been very well-received by our employees.”
Tim DeMello, Gradifi founder and CEO, said: “Peloton understands the strategic benefit of providing a differentiated employee benefit that also assists in attracting and retaining employees in today’s competitive environment. We’re pleased to serve market leaders like Peloton that are committed to mitigating the nation’s student debt crisis."
Founded in 2012, Peloton is revolutionizing the fitness industry by merging high-design with modern technology to provide access to live and on-demand fitness group classes led by elite NYC instructors. By merging hardware, software, and content, Peloton creates the most unique, efficient and addicting workout experience on the market. Peloton is sold online and in their growing number of showrooms across the country. For more information, visit www.pelotoncycle.com.
Gradifi is a best-in-class, student loan repayment solution aimed at tackling the nation's $1.4 trillion student loan problem. Gradifi helps employers attract and retain talent by enabling them to make direct contributions to their employees’ student loans and accelerate the pay-off of the debt. Acquired by First Republic Bank (NYSE: FRC) in 2016, Gradifi is a pioneer of the SLP Plan™ (Student Loan Paydown) employee benefit. To learn more, visit www.gradifi.com or twitter.com/gradifi.