BOSTON--(BUSINESS WIRE)--Gradifi, a leader in employee benefits that minimize student loan debt, today said a growing number of employers are broadening their commitment to financial wellness by offering both college savings and student loan repayment benefits to employees.
A dozen organizations that have been offering Gradifi’s Student Loan PayDown Plan (SLP Plan®) program have recently added Gradifi’s College SaveUp Plan (CSU Plan), which enables employers to make monthly contributions to an employee’s existing 529 college savings account. Among the employers offering both programs are 3Q Digital, Descor Builders, and Argo Translation.
“College SaveUp and Student Loan PayDown plans are an unbeatable combination in today’s full-employment economy,” said Meera Oliva, Chief Marketing Officer of Gradifi. “Financial wellness programs such as college tuition assistance and student loan repayment program reduce the high cost of employer turnover and provide a competitive advantage in recruiting talented employees.”
College SaveUp addresses the rising cost of tuition, which has been climbing 6% annually across the U.S. At the current rate of increase, the cost of a private college education would be $500,000 in 18 years. Through College SaveUp, employers can make a direct contribution to an already established 529 college savings plan account.
Gradifi’s SLP plan enables employers to make direct contributions to pay down an employee’s student loan 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.
The CSU Plan and SLP Plan can be offered as a turnkey employee benefit through Gradifi’s cloud-based, easy-to-administer platform. The programs can be bundled together or offered separately.
For more information, contact Gradifi at 1.844.GRADIFI or email@example.com.
Gradifi helps employers address the new No. 1 concern of employees – alleviating the burden of student loan debt. Gradifi’s cloud-based platform gives employers a choice of three high-impact options supported by objective advice and powerful tools to help employees make smarter student loan decisions. Gradifi’s Student Loan PayDown Plan (SLP)® helps employees pay off their student loans faster by making an employer-sponsored contribution to their student loan provider. Gradifi Refi motivates employees to refinance their student loans through its unique incentive program and relationships with best-in-class lenders. Gradifi’s College SaveUp Plan helps defray the cost of college and avoid student debt through employer contributions to an employee’s 529 college savings plan account. A unit of First Republic (NYSE:FRC), Gradifi works with employers of all sizes across the U.S. www.gradifi.com.