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Student Loan Repayment Benefits
We have young college graduates who are more focused on paying college debt than planning their 401k. When we announced this perk - they personally thanked me for understanding their pain and going the extra step.
I'd like to offer 529Plans to my employees - I wish I could do it all from this app. Other than that - its a new product, so can definitely get smoother and more automated.
Think about what you can do to stand out as an employer for driven young college graduates who care to work at companies that care. The other thing is its a better option than 401 for your employees since the sooner they pay off college debt - the sooner they'll be able to focus on building a 401. I believe college debt is an extremely big problem for the next generation of talent and I am looking for other solutions to attract young college students as well!
How we can serve our employees better. It helps us show that we actively care for them and their stresses outside of work. Instead of offering 401k which a lot of our young employees are not using, we can offer something that is meaningful. The benefits are higher retention, happier employees and less stress.
Very easy to get started with, including setting up our account and integrating with our payroll. Our employees love it. The interface is clean, simple, friendly, and modern.
Nothing yet.
We want to have a great employee experience. We think offering a student loan benefit is a good way to help folks save - and they seem to love it. But we also are not huge company and want to be able to offer the service without introducing a large administrative burden.
Impactful benefit that employees want. The employer UI is good in terms of logging in and reviewing past contributions.
Customer service is poor. Emails go unanswered. Goodly missed 4 months in a row of making employer contributions despite direct sign-up from employees. It was not until employees asked about contributions that we discovered that they were not being processed.
The premise is great. Student loans are burdensome and we hire a lot of individuals who are recently out of school - this is a perk that goes a long way towards increasing satisfaction with our benefits offerings.
Goodly might be a great benefit for the employee but Goodly has no one you can actually talk to when things go wrong or you have questions!
On the employer side, Goodly never checks educational loan balances so if the loan is paid off, they keep sending your money in, then the loan company mails a check to the employee. The employer also has to manually send a monthly census file - that Goodly never reads - and ends up sending money in for terminated or ineligible employees! Repeated emails never get answered. Goodly is horrible to deal with!
Don't use Goodly. They are freely giving away our companies money to terminated and ineligible employees. They are also paying on employee's student loans that don't have balances. Find another vendor.
On the employer side, Goodly never checks educational loan balances so if the loan is paid off, they keep sending your money in, then the loan company mails a check to the employee. The employer also has to manually send a monthly census file - that Goodly never reads - and ends up sending money in for terminated or ineligible employees! Repeated emails never get answered. Noone every answers an email. When employees try to contact, they get nothing as well. Goodly is horrible to deal with!
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There's a reason Y Combinator backed Goodly. The student loan crisis is palpable, and with Goodly, employers can be part of the solution. Through their “set it and forget it” platform, we as the employer can help pay down employees' core debt - not their interest - to help them escape debt more quickly. It is such a wonderful opportunity to offer employees, and it is so very much appreciated by them.
Honestly, there's nothing we dislike about Goodly. It's a phenomenal idea that actually works great in practice.
Bottom line, we found that employees were more loyal to the organization and were committed to staying longer as a DIRECT result of this offering. Goodly is the epitome of a retention tool, and it allows us to offer something substantial that goes beyond typical employee benefits. It also shows employees we care about them beyond their employment.