LoanGifting integrates with ADP Workforce Now to provide a seamless connection between the two systems. It eliminates manual data entry of employee information into LoanGifting and automatically sends updated general deductions to ADP®. Your LoanBenefits administrator can also make benefits changes in LoanGifting using the ADP® secure sign-in to LoanGifting.
Simple, Flexible Fee Structure
We do not charge for set-up. There are no per-employee monthly fees. We only charge a 5 percent fee on contributions made. This allows you to work student loan assistance into your existing benefits scheme without increasing compensation costs. You can start with a simple concept, such as asking employees if they would like bonuses as cash or student loan payments, or you can design a more comprehensive plan – it’s up to you.
LoanBenefits™ is designed to be simple and engaging, allowing you to configure your solution in hours. Your employee census is preloaded; you just need to define which employees will participate and how LoanBenefit payments will be structured.
Real Time Reporting
Your administration portal not only allows you to manage LoanBenefits payments, but it also provides meaningful statistics, like the total debt and interest saved for employees participating in your program and projected value of your program to those employees.
LoanBenefits updates for Employees
Every time you provide an employee with a LoanBenefit payment, they receive an email update.
Onboarding is automated and intuitive, we even pre-fetch loan information for your employees. The process typically takes less than an hour.
Personal Portal for Employees
Your employees receive a personal portal that allows them to track their student debt and learn the value of the LoanBenefits payments they have received.
Free LoanGifting Crowd-Funding Membership
All employees who participate in a LoanBenefits program are given their own LoanGifting membership and portal. Through this membership they will be able to leverage the power of social media and crowd funding to help pay down their student debt.
Free Comprehensive Debt Review
As part of the onboarding process, your employees will receive a free comprehensive student debt review. We will determine if employees qualify for any federal or state student loan forgiveness, review the rates and terms of their student loans to see if they can be improved, and provide other opportunities such as debt consolidation. Employees who could benefit from any of these programs will be referred to our debt counselors, who will then help develop a student debt plan.
Monthly Progress Emails
Monthly progress emails keep you up to date on your LoanBenefits program
Financial Wellness Tools
In addition to a free debt relief review and LoanGifting account, your employees will receive a full suite of student debt related financial tools that include default assistance, financial advice, planning tools and even updates on student debt related legislative issues.
No Pressure Refinancing Options
When it makes sense, we have a full range of refinancing options available. There is no pressure to commit, we simply provide great options and great rates.