Paidly: Employer Student Loan Repayment Benefit

Hey Product Hunt! We’re Paidly and we’re here to help smash student loan debt! We just launched our NEW On-demand benefit and wanted to share with Product hunt. We understand that a lot has been going on over the last two years. While employers know there’s a need to help employees with loan debt, many can't justify additional benefit expenses—especially during an economic downturn. Paidly on-demand is a one-time payment benefit that allows student loan repayment on your schedule. Customizable to your needs which could be once a year, twice a year, or every quarter. Paidly was born out of a need to recruit and retain top talent in tech. My co-founders and I needed to find a way to hire top talent and, at the same time, we discovered there was a student loan debt crisis in our country that was huge! We found that, in the US, there’s $1.4 trillion in student loan debt that families are carrying and struggling to pay back. Not only does this debt delay so many of life’s milestones, 44% of young workers say this debt causes stress as they try to figure out how they are going to pay back their student loans. At the same time, through the pandemic, businesses across all industries had to find a way to keep going and, not only find people to work, but also find a way to keep the employees they already had. As we listened to friends and family, and to people across different industries, talk about how they couldn’t recruit top talent and retain their best employees we knew we had to do something. We needed to assist employers, like ourselves, in finding a unique way to recruit top talent, retain our best employees AND help employees take a chunk out of their student loan debt all at the same time. After all, everyone should have the chance to achieve financial wellness! And so Paidly was born. With Paidly, you can deliver student loan repayment benefits of all shapes, sizes and budgets. Our solution is created with flexibility in mind to adjust and flex to fit employers and employees. Contributing to student loan debt repayment helps employees reduce their debt by shaving off years of interest and loan payoff time. It's cash from employer’s that goes directly to employee loans. Make financial wellness a priority for your employees by offering a student loan repayment benefit to reduce payback period and interest paid. Create a competitive advantage and directly impact quality of life beyond standard salary and benefits. Offer tax-free student loan benefits through the CARES Act which allows employers to contribute up to $5,250 tax-free annually to their employees' student loans. Both the employer and employee can take advantage of this tax-free benefit. We have made some great progress but there is still more to do and invite you to join Paidly as we help take a chunk out of student debt. Let us know what you think about smashing student debt by offering student loan repayment.