Student Loan Repayment Benefit
Goodly lets companies offer student loan repayment as an employee benefit. Student loan benefits are a proven tool for attracting and retaining top talent, while also supporting the financial wellness of current employees. Employer contributions are applied directly to the principal of employees' loans, reducing the repayment period and helping the borrower save on interest. Goodly users also get one central place to manage all of their student debt, tools to help automate and accelerate their repayment, and free access to expert student loan coaches.
Features and Benefits
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Strengthen Recruiting Efforts
Goodly is a powerful hook to use during the recruiting process. With 70% of those entering the workforce with student debt, 62% of whom say they would switch companies just to gain student loan benefits. In today's particularly hot job market, student loan benefits is a highly applicable and meaningful benefit that lets you stand out as the employer of choice.
Goodly is a proven tool to help drive employee retention and reduce turnover. 80% of student borrowers say they will stay with a company for at least 5 years if given access to student loan benefits. Programs can be structured to be especially pointed at driving retention among employee groups that are experiencing particularly high turnover.
Employee Engagement and Wellbeing
There has recently been a noticeable shift away from frivolous perks as companies focus on providing truly meaningful benefits that improve the lives of their employees. There are few benefits as meaningful as helping employees address what is likely to be the greatest financial burden of their life. The goodwill and improvements in financial wellbeing that come out of providing this kind of support will result in happier, more productive employees.
Goodly API Integration with ADP Workforce Now®
Goodly integration with ADP Workforce Now® Now enables automation of all of the administrative work that goes along with offering student loan benefits.
Goodly lets companies automate regular contributions that are applied directly to the employees' student loan as a secondary payment, reducing their repayment period and helping them save on interest. Goodly Employer Contributions helps the average borrower pay off their debt 30% faster.
Automated Payroll Deductions
Goodly lets your employees automate biweekly or semimonthly payments to their student loans through payroll deductions. Employees prefer this repayment method because they no longer have to manage, budget for, or even see student loan payments leave their account. The average borrower saves almost 2 years on their repayment term when using this tool to automate their own payments.
Goodly users can invite anyone they want to be a contributor to their loan. Users invite friends or family to make payments directly to their student loan using Goodly's software. Contributors choose the amount and frequency, and payments are applied as a secondary payment to the employee's loan.
Student Loan Counseling
Goodly users have free access to accredited student loan counselors to help them navigate refinancing, consolidation, forgiveness or other federal programs. Goodly partners with the national licensing organization for credit counseling, the NFCC, so you can be assured employees are being armed with the best information for their own financial wellness. In addition, Goodly's dashboard is stocked with an extensive host of educational content, financial planning guides, personal finance and repayment calculators, and much more, giving users all the tools and resources they need for a self-serve loan counseling experience.
Goodly is integrated with ADP Workforce Now
I understand that the services are provided by an independent third party and not provided by ADP, LLC, that the service provider has no affiliation with ADP, LLC and that I am entering into a relationship directly with such third party to receive services.