WASHINGTON, Feb. 1, 2017 /PRNewswire/ -- The American Bankers Association – through its subsidiary, the Corporation for American Banking – has endorsed the student loan repayment benefit offered by Gradifi, a Boston-based student loan pay down provider. The employer-based SLP Plan™ (Student Loan Paydown), will empower banks with a powerful tool to recruit and retain top talent by paying off their burdensome school debt. ABA members will receive preferred pricing.
"Student loan burden affects a significant portion of our nation's workforce – particularly millennials," said Rob Nichols, ABA's president and CEO. "Since so few employers currently offer such benefits, we see this as an opportunity for banks to uniquely position themselves to attract and retain young talent. The number of young professionals with thousands of dollars in student debt is staggering. This causes them to delay homeownership and other major purchases that could bolster our nation's economy."
Surveys show nearly eight in 10 millennials say this kind of benefit would be a "deciding factor" or make a "considerable impact" in whether they take a job or stay with an employer.
"We're encouraging our members to consider offering a benefit like this to help attract and retain millennials in their individual markets," said Nichols.
Extensive due diligence – conducted by ABA, with oversight from ABA's Endorsed Solutions' Banker Advisory Council, and John Young, CEO of Consumerdriven, an employee benefits specialist – included an in-depth evaluation of a number of competing solutions to validate Gradifi's ability to provide banks a secure and seamless onboarding process.
With its recent acquisition by First Republic Bank (NYSE: FRC), Gradifi brings even more experience to provide the most advanced technology for banks to grow their businesses -- and in this case – recruit top talent.
"There are 44 million Americans with student loans totaling more than $1.3 trillion," said Tim DeMello, Gradifi founder and CEO. "In the banking and financial services industries, where higher degrees of education are often needed, Gradifi helps banks ease employees' debt burden to set them up for their future. We are pleased to work with ABA member banks and their employees to provide an innovative way to help tackle the student debt problem."
At a time when higher education is getting more expensive and technological security is of utmost importance, Gradifi is helping lead the charge to provide some relief to the millions of people who have student loan debt. Other Gradifi customers include PwC, Penguin Random House and Natixis Global Asset Management.
To learn more about Gradifi's Student Loan Paydown Plan, ABA will offer a free webinar on Wednesday, Feb. 15 at 2:00 p.m. EST. For more information on this and other endorsed solutions, visit www.aba.com/endorsed.
SOURCE American Bankers Association