BOSTON--(BUSINESS WIRE)--Gradifi, the leading provider of student loan repayment and college savings programs to U.S. employers, today said it is now working with 336 employers across the U.S. to offer a student loan repayment benefit to their employees.
In January, 14 more employers said they would offer Gradifi’s SLP Plan® (Student Loan Paydown) benefit, an innovative HR solution that helps employees accelerate the pay down of their student loan debt.
Gradifi’s new clients include: Noble Consulting Services, Adishian Capital, Ascendance Partners, Rabbit Hole Distilling, Adams Law Office, LLC, Virginia Law Foundation, Rocket Industrial, Hillcrest Educational Centers, Cobb Pediatric, and Hillcrest Dental Care.
Gradifi’s SLP Plan benefit enables employers to make direct contributions to pay down an employee’s debt. Employers can also extend that benefit to parents who have borrowed to pay for their children’s education.
“More employers began offering Gradifi’s popular student loan repayment program in January because it is an effective way to attract and retain employees, particularly in a tight labor market,” said Meera Oliva, Chief Marketing Officer of Gradifi. “A student loan repayment program and a college savings program are also two ways companies benefitting from the new tax law can invest in their employees and further differentiate themselves in the marketplace.”
According to research commissioned by Gradifi, 90% of those surveyed with outstanding student loan debt said a student loan repayment benefit would positively impact their decision to accept a job offer, to recommend an employer or to stay at their current employer. Eight in 10 consider student loan debt a significant source of stress, the study found.
A student loan repayment program 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.
A First Republic company, Gradifi is an innovator in educational employee benefits for U.S. employers. Gradifi’s mission is to help employers compete more effectively for talent by providing employee benefits that support an employee’s investment in education. Gradifi offers both a student loan repayment benefit and college savings benefit program through its scalable, easy-to-implement online platform. Gradifi’s SLP Plan® is endorsed by the American Bankers Association. To learn more, visit www.gradifi.com or www.twitter.com/gradifi.