Student Loan Repayment Benefit Helps Companies Compete In Today’s Tight Labor Market For Talent
BOSTON--(BUSINESS WIRE)--Apr. 17, 2018-- Brooks Automation, Inc. and Peoples Bank will help employees accelerate the pay down of their student loan debt by working with Gradifi, the leading provider of student loan repayment and college savings programs to U.S. employers.
Brooks, a leading worldwide provider of automation and cryogenic solutions for multiple markets including semiconductor manufacturing and life sciences, and Peoples Bank, a full-service financial institution with offices in Ohio, West Virginia and Kentucky, will both offer Gradifi’s SLP Plan® (Student Loan Paydown) program, an HR benefit that helps employees pay off their student loan debt.
Brooks and Peoples Bank are the latest employers to provide a student loan repayment program. More than 360 companies across the U.S. are now working with Gradifi to provide student loan debt relief to employees.
Brian McDonough, Brooks Senior Director of Compensation and Total Rewards, said: “We believe this additional benefit offering to our highly educated workforce will give us a competitive edge in the recruitment and retention of technical and scientific talent.”
Chuck Sulerzyski, President and CEO of Peoples Bank, said: “Gradifi’s student loan repayment program helps us attract and retain talent as an added feature in our employee benefits package. The plan helps mitigate the stress of student loan debt and helps improve our employees’ overall financial well-being.”
Through Gradifi’s SLP plan, employers make direct contributions to pay down an employee’s 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.
“A student loan repayment program is highly appealing to those grappling with student loan debt,” said Meera Oliva, Chief Marketing Officer of Gradifi. “Gradifi’s student loan repayment program is an opportunity for employers to differentiate themselves in today’s tight labor market. Brooks Automation and Peoples Bank both recognize the importance of offering this benefit, which addresses a major cause of anxiety among many college educated workers.”
A First Republic company, Gradifi is an innovator in educational employee benefits for U.S. employers. Gradifi’s mission is to help employers compete more effectively for talent by providing employee benefits that support an employee’s investment in education. According to research commissioned by Gradifi, eight in 10 consider student loan debt to be a significant source of stress. Gradifi offers both a student loan repayment benefit and college savings benefit program through its scalable, easy-to-implement online platform. Gradifi’s SLP Plan® is endorsed by the American Bankers Association. To learn more, visit www.gradifi.com or www.twitter.com/gradifi.
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Elizabeth Yekhtikian, 617-686-9541