Flackable, a national, full-service public relations and digital marketing agency headquartered in Philadelphia, announced signing on with Boston-based Gradifi, the industry’s leading provider of the Employer SLP Plan™ benefit (Student Loan Paydown Plan benefit), to introduce a new employee benefit: financial assistance to pay down student loan debt.
Flackable, led by award-winning public relations strategist Brian Hart, joins the ranks of other progressive companies, including PricewaterhouseCoopers (PwC), in leading the charge to tackling our nation’s student loan debt crisis, which impacts 70% of recent college graduates in the United States. Gradifi’s SLP Plan™ benefit gives businesses the opportunity to help eliminate the $1.5 trillion student loan problem and pay down employees’ student loan debt.
Companies use Gradifi’s intuitive and secure platform to contribute directly toward their employees’ student loan principal on a monthly basis. These contributions can take years off student loan balances – potentially shaving three or more years off of a 10-year loan.
Beginning in January, Flackable will supplement eligible employees’ regular student loan payments with a monthly contribution through the Gradifi-managed SLP Plan™ benefit.
“I understand the true weight of student debt, how it can force young professionals to postpone their dreams of buying a home, starting a family or simply traveling and enjoying an occasional vacation,” said Hart. “That’s why we made this offering a priority heading into 2019. The national student debt situation is a true crisis, and I’m proud that, with the help of our friends at Gradifi, we’ll be able to provide some essential relief to our new and existing employees going forward.”
In 2017, Flackable was recognized on Glassdoor’s list of companies committed to equal pay, setting an example for other creative agencies in the Philadelphia region. With this new offering, Flackable has created another high, positive standard for competing employers.
“The burden of having student debt has an indisputable impact on the financial stability of an employee, not to mention the broader effect loans have on the overall economy,” said David Chang, Gradifi CEO. “Flackable’s move to offer Gradifi’s SLP Plan as a benefit to their employees shows their commitment to helping alleviate that burden for its employees, as well as exhibiting leadership for others to follow suit to tackle this national crisis.”
Millions of Americans live with the constant fear of student loan debt, as up to 43.4 million borrowers bear the weight of an astounding $1.76 trillion in combined debt. By 2023, 7 million of these borrowers, or a large fraction of the group, will have less than $5,000 in debt per person, but their total debt will be a sizable $18.90 billion. These figures highlight the widespread effects of student loan debt and paint a picture of a complicated situation in which even tiny individual amounts play a major role in the larger financial crisis. The necessity for comprehensive methods to reduce this financial burden on individuals and support economic stability is becoming more and more apparent as policymakers and educators struggle with potential solutions.
