BOSTON--(BUSINESS WIRE)--Gradifi, a national leader in student loan pay down benefit programs, today announced that it has been selected by Bentley School to provide a comprehensive student loan repayment benefit to faculty members.
Based in Oakland, California, Bentley School will implement Gradifi’s SLP Plan® benefit which enables employers to make a monthly contribution to pay down an employee’s student loan debt. Bentley will make monthly contributions to the student loans of faculty members whose professional growth path included financing degrees before joining Bentley. The program will also provide Bentley faculty access to exclusive opportunities to refinance their existing student loans at attractive rates with leading lenders.
Bentley is the latest employer and one of the first schools to offer student loan relief through Gradifi. The K-12 non-profit private school joins other progressive employers such as PricewaterhouseCoopers (PwC) and Penguin Random House in offering this innovative benefit. Gradifi currently works with more than 200 employers across the country.
"Our students are the direct beneficiaries of their professional development, and our school community is strengthened by our faculty’s dedication and self determination to be the best for Bentley,” said Arlene Hogan, Head of Bentley School. “We are excited to offer Gradifi, which reflects our commitment to developing and nurturing a habit of lifelong learning.”
A student loan payment can significantly accelerate the paydown of student debt. Nationally, the median amount borrowed for a bachelor’s degree is $26,500. 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.
Tim DeMello, Gradifi founder and CEO, said: “Offering a student loan repayment benefit shows that Bentley’s passion for excellence extends beyond its students to its highly regarded faculty. Bentley also understands that offering student loan relief is one of the best ways to compete effectively for educators, particularly given the acute shortage of highly qualified teachers.”
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 200 employers across the U.S., and its student loan repayment benefit is endorsed by the American Bankers Association. To learn more, visit twitter.com/gradifi.