Gradifi: SLP (Student Loan Paydown) Plan

 
Gradifi 
"Gradifi’s secure and easy-to-use platform made the choice of provider easy. We appreciate great service, and they are top-notch."
– Mollie M. Richardson, Chief People Officer, First Republic Bank



ABA members receive a 20% discount on participant fees.

Implementation and annual fees are waived in perpetuity.

Gradifi, the industry leader in student loan repayment benefits, pioneered the SLP Plan® (Student Loan Paydown) benefit. Gradifi's secure online platform enables employers to make direct contributions to employees’ student loans, reducing their overall repayment time and lowering the total cost of the loan.
 
This employee benefit is becoming increasingly popular with employers to help attract and retain key talent, particularly Millennials, who are now the largest generation in the workforce and are uniquely burdened by student debt. In a recent study by Oliver Wyman, commissioned by Gradifi, 58% of working professionals with student debt stated they would prefer their employer help them pay down their student loans rather than contribute to their retirement savings. A staggering 90% said a student loan repayment benefit would positively impact their decision to accept an offer, recommend an employer, or stay at their job.

 
 
 

 Solution

 

Gradifi SLP Plan®


 

  • Simplicity
    Gradifi's platform is easy to use for both the bank and bank employees. The platform does not require any integrations to your current systems. Once your program is set up on the platform, your employees can register and enter their loan information in less than 10 minutes. 

  • Flexibility
    The platform enables you to design a program that meets your bank’s goals. You can customize your program based on the contribution amount and frequency. You can even increase contributions over time to increase employee retention.

  • Security
    Protecting customer and member data is a top priority for Gradifi. They are ISO 27001 certified and compliant with the best practices of all relevant financial services standards.



 

 Provider

 
Student loan debt is a problem affecting over 40 million people in the United States. It has a dramatic impact on people’s lives with many feeling the burden of a monthly payment exceeding $500 - $1,000 per month. In 2014, Gradifi’s founder, Tim DeMello, came up with a solution to the problem. Employers can make contributions to their employees’ student loans, helping them get out of debt up to 25 percent faster.

Gradifi has quickly become the industry-leading student loan repayment solution for employers looking to offer meaningful benefits for an engaged and empowered workforce. In December of 2016, Gradifi was acquired by First Republic Bank, one of Gradifi’s first clients. Together we continue to achieve our mission and work with companies that believe in the timeless truth: Take care of your people and they will take care of you.

See more about Gradifi

 
 

 Benefits

 
  • Understand What Your Employees Need
    Attract and retain the best talent for your bank by offering this innovative benefit. Show your employees you understand what they need.

  • Help Employees Save Money
    Address the financial well-being of your employees. Help them save thousands and cut years off their loans so they can achieve their life goals.

  • Support the Decrease of Debt
    Be a part of the solution to society’s $1.3 trillion problem of student loan debt.
 

 
 

 Resources

 
 

 Contacts

 

​ABA Contact

Gradifi Contact


 
 

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​Questions? Contact Helen Sullivan at (202) 663-5167.