Financial wellness platform partners with student loan repayment provider to help more employees address their student loans and college-saving needs
ORLANDO, Fla., Sept. 25, 2018 (GLOBE NEWSWIRE) -- Edukate, a leading financial wellness platform, today announces its collaboration with Gradifi, an employee benefits platform that helps people pay down their student loan debt and save for college. For Edukate, this is the first step towards a fully-integrated financial benefits platform for employers. It is also designed to offer clients high-impact options supported by objective advice and powerful tools to help employees make smarter student loan decisions.
Gradifi’s SLP Plan® (Student Loan Paydown) allows employers to make a regular contribution to pay down an employee’s student loan debt. Gradifi Refi gives employees immediate access to leading student loan refinancing lenders with exclusive offers, at no cost to the employer, to help employees reduce monthly payments and get out of debt faster. Gradifi’s College SaveUp Plan allows employers to make contributions to employees’ 529 college savings plans to ease the stress of paying for a child’s education.
Gradifi’s unique approach to student loans and college savings marks the beginning of a shift in how employers think about employee benefits. This partnership timing is right and relevant given the recent IRS announcement that now makes it easier for employers to use the benefits of 401k plans to assist with employees’ school loans, employers can use their existing benefit infrastructure to make contributions to employees’ student loans. With many young employees citing student loan repayment assistance as a leading factor influencing their decision to accept a job, it’s likely that many employers will start directing more of their attention towards student loan assistance as an employee benefit to attract and retain top talent.
Currently, only four percent of employers offer student loan repayment contributions as a benefit. Edukate’s 48,000 users can engage with Gradifi’s solutions once their employer adds the benefit to their platform.
Over the last 12 months, 24 percent of Edukate’s users have shown interest in and consumed educational content and resources to help them better manage their student loans and personal debt. The relationship with Gradifi creates significant progress towards helping those employees better manage their debt with integrated student loan solutions should employers choose to implement them.
“Edukate has always sought to solve the problems that cause the financial stressors most employees experience each day,” said Chris Whitlow, founder, and CEO of Edukate. “Our platform is built to amplify employer financial wellness efforts through engagement, scalability, and integration of current benefits. We also know that student loan debt contributes to financial stress for a significant portion of our user base, but with Gradifi, we can now connect employers to an integrated benefit that will address these employee’s needs.”
“Through offering student loan repayment options, we aim to decrease employee turnover and give employers an edge in recruiting and retention,” said Meera Oliva, Chief Marketing Officer at Gradifi. “Integrating with Edukate will expand our reach and offer numerous employers the chance to ease employee stress through contributing to student debt payments or a 529 savings plan.”
According to research commissioned by Gradifi, 90 percent of those 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. In the same survey, 58 percent would prefer help reducing student loan debt over additional retirement contributions.
About Edukate
Edukate amplifies financial wellness efforts through data-driven insights and solutions. The platform drives user engagement, scales with any size organization, and integrates with existing benefit providers and other 3rd party solutions to meet individual needs. Edukate is a one-stop destination for employees, providing guidance for challenges they are currently facing, and connecting them with employer benefits that matter to them most— all while cultivating a culture of positive financial awareness. Learn more at edukate.com.
About Gradifi
Gradifi is an innovator in educational employee benefits for U.S. employers. Gradifi’s mission is to help employers build loyalty with their workforce by providing employee benefits that positively impact their employees’ financial well-being. Gradifi offers a single-platform solution to allow employers to offer employees student loan refinancing opportunities, and employer-sponsored contributions to student loans and 529 college savings plan accounts. A unit of First Republic (NYSE:FRC), Gradifi works with employers of all sizes across the U.S. Learn more at gradifi.com.
Media Contact
Brianna Hayes
Uproar PR for Edukate
bhayes@uproarpr.com
(321) 236-0102 x237