Academic journal article ABA Banking Journal

Endorsed Solutions News

Academic journal article ABA Banking Journal

Endorsed Solutions News

Article excerpt

New ABA-endorsed products and services help member banks stay attractive to millennial employees, reach new customer segments more efficiently and leverage industry data to keep their customers safe.

Gradifi: Student Loan Repayment Benefit

Gradifi offers a turnkey Student Loan Paydown Plan, which will offer participating banks a powerful tool to recruit and retain top talent by accelerating student debt payments. Through the endorsement, participating ABA members will receive attractive pricing discounts. (Learn more about student debt issues for bankers on page 50.)

"Student loan burden affects a significant portion of our nation's workforce--particularly millennials," says Rob Nichols. "Since so few employers currently offer such benefits, we see this as an opportunity for banks to uniquely position themselves to attract and retain young talent. The number of young professionals with thousands of dollars in student debt is staggering. This causes them to delay homeownership and other major purchases that could bolster our nation's economy."

While only four percent of employers nationwide currently offer a student loan repayment benefit, nearly eight in 10 millennials say this kind of benefit would be a "deciding factor" or make a "considerable impact" in whether they take a job or stay with an employer. "We're encouraging our members to consider offering a benefit like this to help attract and retain millennials in their individual markets," adds Nichols.

ABA selected Gradifi--a Boston-based subsidiary of First Republic Bank--after an in-depth due diligence process validating Gradifi's ability to provide a secure and seamless onboarding process. …

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