September 27, 2017
Gradifi, a national leader in student loan paydown benefits programs, today announced that 20 more companies in September signed up to offer Gradifi’s SLP Plan™ (Student Loan Paydown) benefit to employees.
In the past three months, more than 50 companies have agreed to offer Gradifi’s SLP Plan, which enables employers to make direct contributions to their employees’ student loan payments. These companies join other progressive workplaces currently offering the SLP Plan, such as PricewaterhouseCoopers (PwC), Peloton, Penguin Random House and Motus.
In September, Gradifi also launched a national media campaign highlighting the company’s first-of-its kind student loan repayment benefit program. The campaign, which includes television, radio, print and digital advertising, is increasing interest in Gradifi’s solution from employers of all sizes.
“Demand for Student Loan Repayment programs continues to grow because employers increasingly see the benefit of offering student loan debt relief to employees,” said Tim DeMello, Founder and CEO of Gradifi. “A student loan repayment program gives employers a distinct competitive advantage in attracting and retaining employees.”
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.
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 is endorsed by the American Bankers Association through its Corporation for American Banking subsidiary. To learn more, visit twitter.com/gradifi.
Elizabeth Yekhtikian, 617-686-9541