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desirable benefit

Desirable Employee Benefits

Student loan assistance is among the most desirable employee benefits, outranking many traditional and other voluntary benefits.

Student loan benefits are so meaningful to employees that Goodly companies have enjoyed a demonstrated uptick in recruiting, retention, and engagement largely due to the goodwill created by supporting employee financial wellness.

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Goodly Automates

Customized Plan & Contributions
Enrollment & Verification
Transaction & Administration
Compliance & Reporting
Approval & Security
FAQ

Frequently Asked Questions

How hard is this to administer?

Goodly is integrated with all the major payroll and HRIS systems to automate everything downstream of creating your account. Additionally, we made setup possible with a simple, ~15min on-boarding call that gives us everything we need to enable full automation of your employee contribution plan.

Will this fit our budget?

We designed Goodly to be flexible enough to fit the needs of any company. Plan features, eligibility, and contribution amounts are fully customizable to fit your team's budget. Additionally, when comparing student loan benefits with other fringe benefits, the return for both the employer and the employee is far greater. At just $6/user/month, Goodly is one of the most affordable voluntary benefits in the space while also being among the most impactful for companies and employees.

Why not just pay more?

There are now a number of sources which prove that job seekers and employees alike highly value student loan benefits. US News polled 500 employees and nearly 90% said they would commit to a job for five years if given assistance with Student Loan repayment. Goodly clients also enjoy a demonstrated uptick in recruiting and retention, largely due to the good will created by supporting employee financial wellness.

Are student loan benefits too exclusive?

We hear questions regarding older employees not being able to participate in student loan benefits. These concerns disregard the fact that student loans are not exclusively a problem for young employees. With the high likelihood that borrowers will be paying off their debt into their forties, and soon after will be thinking about taking out loans for their children's education, offering student loan contributions is actually highly inclusive. Goodly is able service all student loans, including those taken out by parents or grandparents.

How are contributions taxed?

Student loan contributions are taxed in the same way as compensation. The contribution will be entered as a line item on the employee's W2. While this lack of tax advantage is often a source of push back, when compared to other voluntary benefits such as gym memberships, student loan benefits are far more meaningful in an employee's decision to join and stay with an employer.

How many employees will be eligible?

Goodly clients are seeing adoption rates on average of 30%. Particular industries with highly educated employees, such as law practices and healthcare, often see even higher adoption rates. In order to help gauge adoption at your company, Goodly has created an employee survey to send to your employees. Reach out to [email protected] to receive your employee survey.

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