Student loan repayment has been one of the top new benefits companies have been offering to employees. Now, a new program aims to provide another way for companies to help employees save money – by refinancing their student loans.
Gradifi, a provider of student loan and college savings benefits, will offer access to LendKey’s nationwide network of lenders through its Gradifi Refi option. LendKey partners with about 300 credit union and banks for student loan refinancing.
“By teaming up with LendKey, Gradifi can now offer many more student loan refinance options and allow employers to address the No. 1 concern of many employees – the high cost of repaying student loans,” said Meera Oliva, Chief Marketing Officer of Gradifi, in a press release. “LendKey offers a seamless experience with terrific educational tools to help employees make smart financial decisions.”
How Gradifi Refi Works
Gradifi Refi benefits include potentially lowering interest rates and monthly payments, and offering flexible repayment terms to meet individual needs, according to Gradifi’s website. But how does it work?
The Gradifi Refi process begins with employers inviting employees to join Gradifi. Interested employees can register for access and then explore refinancing offers from the available lenders, and includes LendKey’s No Fee Student Refinancing option.
LendKey’s offering will give access to hundreds of not-for-profit and community lenders as well as benefits, industry-leading approval rates, and competitive interest rates. Employees will remain with LendKey from the beginning with the application process to the end, culminating with a complete loan payoff.
After employees have signed up, employers can view reports on how many employees have registered and applied to refinance employees’ loans. Employers also can review and approve contributions to employees’ student loans.
Along with Gradifi Refi, Gradifi also offers two additional workplace benefit solutions. One is the College SaveUp option. This helps employees save for their children’s education and avoid additional student debt via an employer’s contributions to their 529 college savings plan accounts.
The second one is Gradifi’s Student Loan PayDown (SLP Plan). This helps employees pay off their student loan debt faster through flexible, employer-sponsored contributions made to their student loan providers. According to Gradifi’s website, employees’ use of SLP has increased retention and reduced student loan-related stress.
Author: Debbie Baratz
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