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Carvana Selects Gradifi to Offer Student Loan Repayment Benefit to Employees

FRCB | August 6, 2018

Carvana Selects Gradifi to Offer Student Loan Repayment Benefit to Employees

Carvana, a leading e-commerce platform for buying used cars, will offer Gradifi’s student loan repayment program to help employees pay off their student loans fast.

Carvana will contribute up to $1,000 per year to pay down student loan debt of its full-time employees through Gradifi’s SLP Plan® (Student Loan Paydown) benefit.

“A student loan repayment benefit reduces the high-cost of employee turnover and is a clear differentiator in recruiting talented employees,” said Meera Oliva, Chief Marketing Officer of Gradifi. “Organizations that help employees minimize student loan debt position themselves as an employer of choice in today’s highly competitive job market.”

An employer contributing $100 per month would help an employee with $26,500 – the median amount borrowed for a bachelor’s degree – get out of debt three years faster, saving over $10,000 in principal and interest over 10 years assuming a 4% interest rate.

A turnkey, cloud-based solution, Gradifi’s SLP Plan benefit allows employers to quickly and easily add a student loan repayment option to their employee benefits program. According to research commissioned by Gradifi, 90 percent of those with outstanding student loan debt said a student loan repayment benefit would positively impact their decision to accept a job offer, to recommend an employer, or to stay at their current employer. In the same survey, eight in 10 consider student loan debt to be a significant source of stress.

Gradifi’s SLP Plan program is one of three employee benefits solutions from Gradifi to reduce student loan debt. Gradifi Refi gives employees immediate access to leading student loan refinancing lenders with exclusive offers at no cost to the employer – helping employees reduce monthly payments and get out of debt faster. Gradifi’s College SaveUp Plan allows employers to make contributions to employees’ 529 college savings plans – helping employees ease the stress of paying for the rising cost of their children’s education.

For more information about all three programs, contact Gradifi at 1.844.GRADIFI or info@gradifi.com.

About Gradifi

Gradifi is an innovator in educational employee benefits for U.S. employers. Gradifi’s mission is to help employers build loyalty with their workforce by providing employee benefits that positively impact their employees’ financial well-being. Gradifi offers a single-platform solution to allow employers to offer employees student loan refinancing opportunities, and employer-sponsored contributions to student loans and 529 college savings plan accounts. A unit of First Republic (NYSE:FRC), Gradifi works with employers of all sizes across the U.S. www.gradifi.com .