How Do Goodly Student Loan Repayment Benefits Work?
The need to entice qualified workers is growing among employers large and small. Offering student loan repayment benefits to workers is beneficial to companies and their employees in several ways, and Goodly is one company making this valuable benefit a reality.
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To attract and retain talent, companies must provide incentives to employees aside from their salaries. Employee benefits packages are one place where companies can get creative, and strategic.
One of the most popular benefits that companies have started offering in the past few years is student loan repayment assistance.
Collectively, the student debt burden is an estimated $1.5 trillion among more than 44 million borrowers. As this debt burden continues to mount, employees looking for work may be more drawn to employers that offer student loan repayment benefits as part of their compensation package.
Goodly is one company that is making it easier for companies to offer this benefit and for employees to keep track of their debt.
In this review:
What is Goodly?
Born out of a startup incubator in 2017, Goodly is a technology company focused on helping small to mid-sized employers tackle the challenge of student loan repayment benefits and create a caring culture in their company.
Through a streamlined online platform, Goodly makes it easy to put after-tax contributions toward employees’ student loan debts.
The company stands out in the market with its transparent pricing, simple platform, and reporting capabilities that aid companies in offering repayment benefits.
Not only is the platform currently being used across several different employers for recruitment, but it is also helping companies retain top talent by offering a much-needed benefit.
How Does Goodly Work?
Goodly is a unique technology platform that works for employers and employees in a simplistic but comprehensive way. Here’s how it operates for both companies and their workforce.
For Employers
When a company implements Goodly student loan repayment benefits, the platform allows the organization to make contributions on an after-tax basis toward their employees’ student loan debt.
This is all done through a secured technology tool, and employers have the option to pay as little as $25 or up to $200 per month toward student loan debt balances.
Employers can integrate Goodly with nearly all major payroll providers to make debt payments automatic.
Additionally, companies only pay a per-participant fee – not an annual or monthly flat fee simply for using the platform. This participant charge ranges from six to 12 dollars per month, depending on the features selected.
For Employees
Employees who work for an employer that implements Goodly can opt into the student loan repayment benefit easily.
The online platform facing employees is easy to navigate with a few simple clicks, and the tool connects quickly and easily with student loans of each employee.
Once an employee signs up, employer contributions are then transmitted through payroll to the employee’s student loan. Employees can track their progress and total contributions at any time with the Goodly app or online.
What Are the Benefits for Employers and Employees?
There are several benefits that Goodly offers to employers including the following notable features.
Security
Goodly understands the need for highly secure online tools, and it has taken this commitment seriously with its student loan repayment benefits application. Employers can enhance account security with two-factor authentication and audit logs.
Payroll Integration
Unlike other competitors in the student loan repayment benefits market, Goodly integrates directly with more than 75 different providers. This includes all the major payroll vendors, making implementation simple.
Reporting
Goodly also provides access to detailed reporting tools specific to a company’s workforce engagement directly linked to student loan repayment.
Pricing
Employers using Goodly’s platform have the benefit of transparent pricing with the per-participant fee charged by the tech company. There are no hidden fees, annual recurring charges, or implementation fees to use the service.
Goodly also offers unique benefits to employees through its application, including the following features.
Ease of Use
The Goodly platform is simple to use and navigate, and employees have the benefit of seeing where they stand and how much has been contributed toward their student loan debt.
Progress Toward Debt Repayment
Student loan repayment is one of the top ten desired benefits among today’s workforce. Goodly makes the process simple for employers, which trickles down to employees. Those who participate in the student loan repayment benefit can knock down their student loan debt much faster than those who do not, and the Goodly reward can be a great way to attract and keep employees.
The Verdict
As a technology company, Goodly offers an easy-to-use platform focused on one of the most sought-after benefits employers can provide.
By making the process of student loan repayment simple to implement, with transparent pricing and robust reporting tools, Goodly may be a smart choice for companies interested in helping employees with their student loan repayment over time.
