Gradifi Introduces New College Savings Benefit For U.S. Employers
Companies Can Now Help Employees And Their Families Avoid Student Loan Debt;New Program Complements Gradifi’s Highly Regarded Student Loan Repayment Benefit
Gradifi’s College SaveUp Plan benefit enables companies to make monthly contributions to an employee’s existing 529 college savings account. A 529 plan is a tax-advantaged savings account available to families in almost every state in the nation.
College SaveUp Plan is designed as a stand-alone employee benefit or can be integrated with Gradifi’s SLP Plan® (Student Loan Paydown) benefit, which allows employers to make contributions to accelerate the payoff of an employee’s student loan debt. Gradifi has commitments from nearly 250 companies to offer its SLP Plan.
Gradifi is the first to bundle both a student loan repayment and college savings program benefit in a single, scalable, easy-to-implement platform.
“With 44 million Americans struggling with student loan debt, we see an opportunity to extend our student loan repayment platform and integrate a college savings benefit,” said Gradifi CEO
College SaveUp Plan is part of Gradifi’s broader mission to help employers support their employees’ investment in education and address the challenges of financing higher education.
Nationally, college tuition has been rising 6% annually. At that current rate of increase, the cost of a private college education would be
College SaveUp Plan gives employers the flexibility to set the program’s eligibility requirements and the dollar amount of the contribution, just like the SLP Plan offering. Employees must have an established 529 savings account to receive the employer contribution.
Elizabeth Yekhtikian, 617-686-9541