Market Overview

Carvana Selects Gradifi to Offer Student Loan Repayment Benefit to Employees


Carvana, a leading e-commerce platform for buying used cars, will offer
Gradifi's student loan repayment program to help employees pay off their
student loans fast.

Carvana will contribute up to $1,000 per year to pay down student loan
debt of its full-time employees through Gradifi's SLP
(Student Loan Paydown) benefit.

"A student loan repayment benefit reduces the high-cost of employee
turnover and is a clear differentiator in recruiting talented
employees," said Meera Oliva, Chief Marketing Officer of Gradifi.
"Organizations that help employees minimize student loan debt position
themselves as an employer of choice in today's highly competitive job

An employer contributing $100 per month would help an employee with
$26,500 – the median amount borrowed for a bachelor's degree – get out
of debt three years faster, saving over $10,000 in principal and
interest over 10 years assuming a 4% interest rate.

A turnkey, cloud-based solution, Gradifi's SLP Plan benefit allows
employers to quickly and easily add a student loan repayment option to
their employee benefits program. According to research
commissioned by Gradifi, 90 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. In the same survey, eight in 10 consider
student loan debt to be a significant source of stress.

Gradifi's SLP Plan program is one of three employee benefits solutions
from Gradifi to reduce student loan debt. Gradifi
gives employees immediate access to leading student loan
refinancing lenders with exclusive offers at no cost to the employer –
helping employees reduce monthly payments and get out of debt faster.
Gradifi's College
SaveUp Plan
allows employers to make contributions to employees' 529
college savings plans – helping employees ease the stress of paying for
the rising cost of their children's education.

For more information about all three programs, contact Gradifi at
1.844.GRADIFI or

About Gradifi

Gradifi is an innovator in educational employee benefits for U.S.
employers. Gradifi's mission is to help employers build loyalty with
their workforce by providing employee benefits that positively impact
their employees' financial well-being. Gradifi offers a single-platform
solution to allow employers to offer employees student loan refinancing
opportunities, and employer-sponsored contributions to student loans and
529 college savings plan accounts. A unit of First
(NYSE:FRC), Gradifi works with employers of all sizes
across the U.S.

View Comments and Join the Discussion!