Main Street Bank announced today that they have signed 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.
Main Street Bank is joining 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, announced in 2015, gives businesses the opportunity to help eliminate the %1.3 trillion student loan problem and pay down employees’ student loan debt. Companies contribute directly – through structured and secured channels – towards 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 2019, Main Street Bank will supplement eligible employees’ regular student loan payments with a monthly contribution through the Gradifi-managed SLP Plan™ benefit.
“As a community financial institution, it’s our responsibility to help our employees get to a better place financially,” said Wally Dwyer, President of Main Street Bank. “Their financial wellness ultimately translates to happier employees, a better work environment, and an enhanced customer experience overall. We’re glad to be part of the movement to eliminate student loan debt.”
Suzanne Dupre, SVP Director of Human Resources at Main Street Bank, added, “We’ve been listening to what our current employees – and prospective new employees – need and want as benefits, and this one rose to the top.”
“The burden of having student debt has an indisputable impact on the financial stability of an employee, not to mention the paralyzing effect loans have on the overall economy,” said Meera Oliva, Gradifi Chief Marketing Officer. “Main Street Bank’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.”
About Main Street Bank
Main Street Bank is a locally run, independent mutual savings institution serving the Metrowest and Middlesex County communities of Massachusetts. Mutual savings banks are owned by their depositors, not stockholders, which deepens their commitment to their customers and the communities they serve. With 13 branch offices in the Metrowest and Middlesex County region, Main Street Bank provides an extensive array of financial services and products for all personal and business life stages. A strong supporter of the communities, Main Street Bank is committed to providing a “north of ordinary” banking experience by doing what you may not expect from most banks. To learn more about Main Street Bank, visit BankMainStreet.com.
Gradifi is a best-in-class employer-based student loan repayment solution aimed at tackling the nation’s $1.3 trillion student loan debt problem. Gradifi helps employers attract and retain talent by enabling them to make direct contributions to their employees’ student loans, accelerating the pay-off of the debt. Acquired by First Republic Bank (NYSE: FRC) in 2016 and based in Boston, Gradifi is a pioneer of this employee benefit and the SLP Plan™ (Student Loan Paydown). To learn more about Gradifi, visit http://www.gradifi.com/ or twitter.com/gradifi.