NACS is pleased to announce a new member benefit that helps the employees of its retailer and supplier member companies pay down student loan debt and save for their future.
NACS has selected Gradifi as our preferred vendor, giving NACS members access to a powerful tool that can help them gain a competitive advantage in the hiring marketplace, and bolster efforts to recruit and retain top talent. NACS has been offering student loan contributions to its own employees through the Gradifi SLP Plan since May 2018. “Attracting and retaining high-caliber college graduates is a key part of our strategic growth plan at NACS, as well as for many retailer and suppler member companies,” said Brian Kimmel, senior vice president and chief financial officer at NACS. “A student loan repayment benefit will help our industry become more widely recognized as an employer of choice.”
The Federal Reserve reports that total student loan debt has climbed to more than $1.5 trillion, which is $620 billion more than U.S. credit card debt. A $100 per month employer contribution for a loan at 4% over 10 years would save an employee more than $10,000 in principal and interest. According to Gradifi, the employer contribution would result in a 30% reduction in total payments, and the loan would be paid off three years faster.
A student loan repayment benefit will help our industry become more widely recognized as an employer of choice.
David Chang, CEO of Gradifi added: “Employee benefits that make student loan debt more manageable translate into real advantage in a highly competitive labor market. Gradifi’s solution will help NACS members attract and retain talent by helping their employees reduce the financial burden and emotional stress of student loan debt.”
Gradifi works with more than 500 employers across the U.S. to promote financial wellness for employees by offering a single, integrated, cloud-based solution to help reduce student loan debt. In addition to the SLP Plan, Gradifi offers Gradifi Refi, which gives employees access to leading student loan refinancing lenders with exclusive offers, at no cost to the employer, to reduce monthly payments and get out of debt faster. Gradifi also offers College SaveUp Plan, which allows employers to make contributions to an employee’s existing 529 college savings plan, preventing more student loan debt from being taken on in the future.
For information about the Gradifi program, contact NACS Products & Services Director Doug Spencer at [email protected] or (703) 518-4293.