BOSTON--(BUSINESS WIRE)--Gradifi, the leading provider of student loan repayment and college savings programs to U.S. employers, today said more U.S. employers are rolling out its innovative student loan repayment benefit to their employees.
In February, more than 20 companies agreed to offer Gradifi’s SLP Plan® (Student Loan Paydown) program, an HR benefit that helps employees accelerate the pay down of their student loan debt. Gradifi’s new clients include 3Q Digital, Renewal by Andersen, Cloudability, HLB Lighting, L.I.P.D Consulting, and New York Psychotherapy and Counseling Center.
More than 350 companies are now working with Gradifi across the U.S.
“In today’s nearly full-employment economy, employers need to differentiate themselves to attract and retain talent,” said Meera Oliva, Chief Marketing Officer of Gradifi. “Gradifi’s student loan repayment program gives employers an opportunity to stand out and offer a benefit that is increasingly valuable to employees and their families.”
Through Gradifi’s SLP plan, employers make direct contributions to pay down an employee’s debt. For a loan of $26,500 – the median amount borrowed for a bachelor’s degree – a $100 per month employer contribution would save over $10,000 in principal and interest over 10 years for a loan with a 4% interest rate. The loan would be paid off three years faster as a result.
Student loan debt continues to be a major challenge for many college graduates and a key consideration in their choice of employer. According to research commissioned by Gradifi, eight in 10 consider student loan debt to be a significant source of stress. Ninety percent with outstanding student loan debt said a student loan repayment benefit would positively influence their decision to accept a job offer, to recommend an employer or to stay at their current employer.
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.