Boston – May 1, 2018
Vi, operator of 10 continuing care retirement communities across the U.S., has selected Gradifi to provide a student loan repayment program to its nursing staff.
Vi will make monthly contributions to pay down student loan debt for its full-time employees using Gradifi’s SLP Plan® (Student Loan Paydown) program.
"Student loan debt is a challenge for many many individuals. Offering an innovative solution to ease the burden will help Vi continue to attract and retain the very best nursing talent” said Judy Whitcomb, SVP – HR and Learning at Vi. A new student loan reimbursement program will support our nursing team members in a very meaningful way.”
Gradifi’s SLP plan enables employers to make direct contributions to pay down an employee’s debt. For a loan of $26,500 – the median amount borrowed for a bachelor’s degree – a $416.67 per month contribution from Vi would save over $13,000 in principal and interest over 10 years for a loan with a 4% interest rate. The loan would be paid off four years faster.
“Employees with student loan debt favor employers that help them address one of their most pressing financial and emotional concerns,” said Meera Oliva, Chief Marketing Officer of Gradifi. “Employers such as Vi recognize that a student loan repayment program is a clear differentiator in recruiting talented employees in today’s tight labor market.”
According to research commissioned by Gradifi, eight in 10 consider student loan debt to be a significant source of stress. Ninety 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.
Vi is one of more than 360 companies across the U.S. working with Gradifi to provide student loan debt relief to employees. In addition to its student loan repayment solution, Gradifi also offers College SaveUp, one of the first solutions to allow employers to make monthly contributions to an employee’s existing 529 college savings account. College SaveUp Plan can be offered in conjunction with Gradifi’s SLP Plan or offered as a stand-alone employee benefit.
To learn more about careers at Vi, please visit https://jobs.viliving.com.
Gradifi is a best-in-class employer-based student loan repayment solution aimed at tackling the nation’s $1.3 trillion student loan debt problem. Gradifi helps employers attract and retain talent by enabling them to make direct contributions to their employees’ student loans, accelerating the pay-off of the debt. Acquired by First Republic Bank (NYSE: FRC) in 2016 and based in Boston, Gradifi is a pioneer of this employee benefit and the SLP Plan™ (Student Loan Paydown). To learn more about Gradifi, visit www.gradifi.com or twitter.com/gradifi.
Elizabeth Yekhtikian, 617-686-9541