Question 1

How can employers afford to pay for more benefits?

Accepted Answer

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"This is the genius of the Student Loan Repayment Benefit - it uses pre-existing employer savings plan contributions and repurposes them for the life of the loan. With the extra monthly payment, the loan is paid off earlier than expected, for less money than expected. Upon payback, employer contributions are redirected back to the savings plan.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"An annual subscription is the only required cost outlay for employers since the funds to provide this benefit are already in place.

","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

Question 2

How do debt relief benefits integrate with our current offering?

Accepted Answer

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"At the company level, our debt relief benefit is a unique payroll code (new line item) that diverts funds to us. On behalf of employees, we remit monthly payments to Canadian student loan and residential mortgage lenders.  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"We operate independently of savings plan providers.  ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

Question 3

How affordable are debt relief benefits?

Accepted Answer

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Debt relief benefits are an optional, taxable employee benefit with competitive and reasonable annual software subscription rates. Small businesses can offer debt relief for as little as $500.  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Employers may or may not cover monthly transaction fees.  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"The debt relief component is prepaid for employers who enable savings contributions to become debt payments.  ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

Question 4

How much of my workforce would benefit from debt relief benefits?

Accepted Answer

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"As of 2018, about 6 in 10 young people left post-secondary with student loans to repay.   ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Surveys indicate 25% of working Millennials are still in student loan repayment.   ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Mortgage holders will outnumber student loan holders in most workplaces.  ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

Question 5

Why does the Canadian workforce need debt relief benefits?

Accepted Answer

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Because the employer cost of employee financial stress is greater than the cost of these benefits.  ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Debt relief benefits empower employees and reduce their financial stress with extra monthly payments on their debt.","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

Question 6

What are debt relief benefits?

Accepted Answer

{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Debt relief benefits are flexible financial solutions that support employees’ financial priorities.   ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Originally designed to repurpose savings plan contributions into debt payments, employers now find multiple ways of helping employees save time and money repaying a student loan or residential mortgage.  ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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