BOSTON--(BUSINESS WIRE)--Gradifi, a leader in student loan repayment benefit programs for U.S. employers, today announced that its SLP Plan™ program has been selected by Motus, a Boston-based technology company and early adopter of a student loan repayment benefit for its employees.
Motus, which began offering a student loan repayment benefit in 2014, is partnering with Gradifi to scale its program and ensure that company contributions to pay down an employee’s student loans have the maximum impact.
“Motus understood early on the value of providing student loan repayment relief to team members,” said Kristen Dooley, Chief People Officer at Motus. “We chose Gradifi to expand this very popular benefit because its tech-driven solution allows us to administer our program with greater efficiency. Today’s college graduates are the most educated generation in America’s history. At Motus, our commitment to helping young professionals manage their student debt is part of our broader mission to make work life better for our team.”
For an employee with a loan balance of $26,500 – the median amount borrowed for a bachelor’s degree – a $100 per month employer contribution for a loan at 4% over 10 years would save over $10,000 in principal and interest. The employer contribution would result in a 30% reduction in total payments, and the loan would be paid off three years faster.
“Motus is one of the first companies in the country to recognize the importance of offering student loan relief to employees, and that foresight has translated into a competitive advantage in attracting and retaining talent,” said Tim DeMello, founder and CEO of Gradifi. “As an innovator, Motus is a case study in success in how a student loan repayment can achieve a company’s strategic business goals.”
To learn more about Motus’ culture and career opportunities, visit https://www.motus.com/our-culture/.
Motus is passionate about leveraging technology to make work life better for mobile workers and their managers, so it’s especially committed to creating programs that help its own team members achieve a better work life. These programs encourage Motus employees to WorkSmart by self-managing their own success; WorkHappy by letting their curiosity, bravery and exceptionality shine; and WorkHealthy by staying active. For more information, please visit www.motus.com or connect with us on Twitter, Facebook, or LinkedIn.
Gradifi is a best-in-class, student loan repayment solution addressing the nation's student loan problem. Gradifi helps organizations attract and retain talent by enabling employers to make direct contributions to their employees’ student loans and accelerate the pay-off of the debt. A wholly owned subsidiary of First Republic Bank (NYSE:FRC), Boston-based Gradifi offers the SLP Plan™ (Student Loan Paydown) benefit to employers of all sizes. Gradifi works with more than 150 employers across the U.S. and is endorsed by the American Bankers Association through its Corporation for American Banking subsidiary. To learn more, visit www.gradifi.com or twitter.com/gradifi.