In 2014, Tim DeMello gathered a team of experts and founded the company he named “Gradifi,” with a vision of helping employees repay their student loans more quickly and save up for their children’s education more efficiently.
Namely, the company offers student loan repayment solutions for employees who are looking to motivate and award their engaged and empowered workforce by meaningful perks and benefits.
Through their program, companies are able to repay the employee’s student loans and help them get out of debt up to 30% faster. Moreover, when the burden is lifted off their shoulders, employees are able to get an early start on saving for the future.
Later on, Gradifi was acquired by the First Republic Bank, which was one of their first clients. They continue to grow and are quickly becoming the leaders on the student loan repayment solution market, offering companies an innovative way to invest in their employees.
Student Loan PayDown
Through flexible employer contributions, you are able to help your employees repay their student loans more quickly and save time and money.
Student Loan Refinancing
In addition to that, you are able to help your employees save an interest off their student loan debt by giving them access to leading student loan lenders.
College Save Up
Moreover, there are over 500 college savings plans for you to choose from in order to help your employees fund their children’s education.
How Does It Work?
Through the platform Gradifi offers, you will get an optimized program based on the characteristics of your company, your goals and the needs of your employees that you are seeking to meet.
Moreover, your HR team will have no trouble setting up a plan of contributions, as there is no need for additional system integration.
Next, your employees are able to sign up to receive a contribution. In addition, you are given the opportunity to review and approve contributions each month before they are made.
On top of that, the platform offers you the option of reviewing your employee’s activities and the customer service team ensures smooth communication and operation inside the platform.
Cost and Price Plans
Based on the size of your company, Gradifi will present you with a customized benefit and contribution plan that you will be able to access through their single-solution platform.
Moreover, they give an estimation that by a $100 monthly contribution, you will be able to help your employees reduce their student loan payment’s time by as much as 30%.
This is under the assumption that a loan balance is $26,500, with 4% interest rate, 10-year repayment term and the borrower continues to make regular monthly payments.
You are able to reach Gradifi’s customer service team through their phone number 1-844-GRADIFI (472-3434), or by emailing them at [email protected], or [email protected].
Moreover, if you wish to get more information on their benefit plans, or to schedule a demo presentation, you are able to fill out an online form on their official webpage. Once you do that, one of their representatives will contact you to work out the details.
Gradifi is rated an excellent 4.9 out of 5 stars on their official Facebook page. People are praising the idea of student loan repayment as a part of employee benefits. In fact, people have suggested that they will make referrals toward this socially-conscious benefit plan.
Moreover, some of them testify that they have managed to repay their student loans in a short amount of time, thanks to Gradifi.
Competitors and Alternatives
However, Gradifi isn’t the only company that offers student loan repayment solutions. In fact, we will provide three more alternatives for you in order for you to have more options to choose from.
If you wish to offer the student loan repayment as a work benefit, or you are on the other side of the story, struggling under the burden of high monthly payments and wish to explore your options, these alternatives will also benefit you.
That being said, these are the companies that are quite similar to Gradifi, namely: Tuition.io, Student Loan Genius and Peanut Butter. These three can also help make student loan repayment a regular benefit with the employer.
Where to Buy?
Whether you are the employer or the employee and you want to check out Gradifi, you are able to sign up on their official webpage to explore the solution to these financial troubles. That said, their website is www.gradifi.com.
It is estimated that over 40 million Americans struggle with their student loan debt. Moreover, it has become the largest financial burden in the country, with monthly payments sometimes exceeding thousands of dollars.
On the other hand, companies often provide various perks for their employees. However, it is not rare to experience a strong mismatch between the needs and benefits provided.
So, Gradifi recognized this and decided to offer the solution. As a result, you are able to direct your contributions to your employee’s student loan repayment, or to their future college savings.
Moreover, studies show that these benefits are among the most desirable ones and can even be a deciding factor when accepting an offer from an employer.