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Student debt payments is now part of a company’s benefits package

siliconreview Student debt payments is now part of a company’s benefits package

The student debt in the United States is a major hurdle for millions of aspiring college graduates when it comes to choosing a career. According to a report published in 2014, the combined education loans incurred by students were more than $1.3 trillion. To give a better perspective, that is more than the entire economies of all but 16 countries, individually. Additionally, it is more than one-third of the GDP of India, a nation with a population of over 1.3 billion. While it is possible for large corporations like Google, Facebook to formulate a complex incentive plans to include paying down the debt, it is not so for smaller companies.

Goodly, a start-up aims to help smaller companies as well as start-ups offer student loan re-payments as benefits. According to Gregory Poulin, the co-founder of Goodly, offering such incentive packages is an excellent way to attract and retain talent. Goodly can help companies offer loan benefits for a little as $25 to $50, going upto $200 a month. While the most common benefits include stock packages, student debt is a major deciding factor for several young graduates in selecting a job. It can go a long way in helping an average employee get out of debt many years earlier than usual.

Goodly assess student loans and sets up a contribution plan. Goodly then integrates such plans with payroll operations in companies, to give employers and employees a highly flexible plan on repayment schedules. This removes the need for employees to manage their loans on a regular basis.