More than ever, the ability to attract and retain top talent is critical to the success of businesses of all sizes, making it vitally important that organizations offer competitive benefits. Typically, these have consisted of healthcare, vision, dental, PTO, and the like. But with more than $1.7 trillion in student loans and countless Americans putting off major life milestones like purchasing a home due to debt concerns, employers are increasingly looking to student loan repayment and educational savings benefits to meet the needs of prospective and current employees. John Burns Research and ..read more

More than ever, the ability to attract and retain top talent is critical to the success of businesses of all sizes, making it vitally important that organizations offer competitive benefits. Across the board, inflation has parents feeling the sting of rising education costs, and savvy employers are taking notice. They recognize that education-based benefits — such as employer 529 contributions — are now becoming a common factor in attracting and retaining top talent. So with that in mind, we’ll be taking a closer look at 529 plans as an employee benefit, along with examining the impact one co ..read more

After a 3+ year hiatus, student loan payments are back. If you’re like my wife and I who have 5 degrees (and the debt that goes along with it), you’re not fully prepared for this. But I have great news for you. Your employer will help you pay your student loans through your Forma wellness stipend. How? You can elect to convert your Forma stipend funds into payments to your student loans through the SavvyFi Student Loan App! How do you sign up for this benefit? Click this link and sign into Forma (your benefit marketplace) Once logged in, click the Store tab at the top of your Forma dashboard ..read more

One of the major friction points for parents when deciding to enroll in a 529 college savings plan is the potential consequences of not using the funds for qualified higher education expenses.  Having a list of qualified 529 expenses can help you navigate yet another one of the unusually complicated parts of the 529 program.  We’ll walk you through what is a qualified expense, what isn’t, and what that means for your 529 plan withdrawals, so you can finally answer the question: “What are qualified expenses for my 529 plan?” 529 Plan Qualified Expenses The IRS defines “qualified expe ..read more

(Published by Yahoo! Finance. Read original article here.) Nashville-based fintech solution for college savings and student loans brings accessibility and crowdfunding to employee benefits Amidst uproar around college debt crisis, SavvyFi is riding wave of interest in college savings and student loan benefits from investors, benefit consultants, and corporations SavvyFi, the fintech platform that is making college savings and student loan repayment plans an accessible and popular benefit for employees, today announced the completion of a $4.9M Series A funding round. The co ..read more

(Published by Yahoo! Finance. Read original article here.) Nashville-based fintech solution for college savings and student loans brings accessibility and crowdfunding to employee benefits Amidst uproar around college debt crisis, SavvyFi is riding wave of interest in college savings and student loan benefits from investors, benefit consultants, and corporations SavvyFi, the fintech platform that is making college savings and student loan repayment plans an accessible and popular benefit for employees, today announced the completion of a $4.9M Series A funding round. The co ..read more

As featured by Filice. Read the published piece here. At a time when talent is tough to attract and retain, HR managers are pulling out all the stops with benefits and perks. But if you’re not leveraging the lure of college savings and loan repayments, you’re missing a competitive edge. According to Education Data Initiative, the average student loan balance for 2021 graduates was around $30,000. A survey by American Student Assistance found that 86% of employees would commit to a company for five years if the employer helped pay back their student loans.a According to an Edward Jones sur ..read more

(Reported by Hypepotamus.) Companies have to get smarter about employee benefits if they want to attract the best talent in 2022.  That might bring to mind concepts like flexible work hours, gym memberships, or competitive retirement matching plans. But a team of Nashville-based entrepreneurs thinks it is time to add education payment options to the mix. SavvyFi’s platform is doing just that by giving employers the tools they need to help employees pay off student debt faster or save for college earlier. Without the need for payroll integration, SavvyFi helps HR teams easily add stud ..read more

(Interview by 401K Specialist.) Long expected, it’s finally happened. President Biden declared student loan debt relief for certain borrowers through what the administration calls targeted cancellation. We wanted to know what it meant for borrowers and retirement savers and what impact it might have on employee benefits, so we asked Jeffrey Hull, founder of Savvy Financial. It’s a firm that helps employers empower their employees to both save for college and pay off student debt. Check out our podcast interview with Jeffrey: The post 401K Specialist: Here’s the Skinny on P ..read more

When a company offers any benefit to its employees, there’s a fast way to gauge whether the effort was a hit or a flop: adoption rates. Some benefits take off like rocketships, with employees racing to onboard; others languish on the sidelines. Blue Earth Diagnostics’ Human Resources Manager saw this surprising disparity in real time when the company introduced four new benefits at the same time and discovered that employees were overwhelmingly most interested in the college savings and student loan benefits of SavvyFi. The company: Blue Earth Diagnostics is a molecular imaging company that p ..read more