SavvyFi - 3x3x3 Challenge with John Grogan
SavvyFi brings all student loan and education funding benefits together in one, easy dashboard. Many employee paths, through one door with additional products to save or pay down debt.
Transcription:
What is SavvyFi?
Thanks, Chris. Yeah, so SavvyFi is a way to bring all education funding and student loan benefits together in one place, using one easy to navigate dashboard. So whether it's taking advantage of recently expanded uses for 529s, which now cover K through 12 costs, student debt, apprenticeships, as well as college savings, or one click gifting to 529s, or student debt, or cashback rewards from any credit or debit card towards 529 savings or student debt, at over 850,000 hotels, restaurants, 12,000 merchants, which is on top of your employee's existing rewards programs. On top of that, any variation of employer student loan contributions, including the new 401K match, dependent on qualifying employee student loan payments, tuition reimbursement, and finally any kind of incentive conversion to 529 or student debt, whether that's lifestyle savings accounts, PTO conversion, sign on bonuses, et cetera. So SavvyFi enables employees to use any or all of these, and it's one door for everybody.
How is SavvyFi different?
Yeah, so previously these benefits have existed across a few vendors and they were confusing for employees and costly for employers to have more than one provider in this area. So SavvyFi is a great way to get something in place quickly and then leave the door open for adding or changing program design for landscape changes. But the biggest difference is no implementation, census shares, file exchange, et cetera, is not needed. Employees can link their bank accounts for recurring or one-time contributions, so that reduces workload payroll and info sec risk.
Who is a good fit for SavvyFi?
Overall really employers who want to reduce noise and cost and then drive engagement in this overall product category. Employers who want to offer the election of sign-on bonuses towards student debt, thereby avoiding payroll taxes and the need for clawbacks. Employers who maybe want to boost parental leave policy by offering a $500, 529 contribution for birth or adoption events, or overall, you know, employers who want to provide student loan benefits in a traditional way or more targeted for things like milestones, or if you're very clever doing a student loan sweepstakes. So having all your student loan borrowers sign up for the SavvyFi tools and winning there, but then once a month picking someone to get a $1,000 or so to their student loans.
Transcription:
What is SavvyFi?
Thanks, Chris. Yeah, so SavvyFi is a way to bring all education funding and student loan benefits together in one place, using one easy to navigate dashboard. So whether it's taking advantage of recently expanded uses for 529s, which now cover K through 12 costs, student debt, apprenticeships, as well as college savings, or one click gifting to 529s, or student debt, or cashback rewards from any credit or debit card towards 529 savings or student debt, at over 850,000 hotels, restaurants, 12,000 merchants, which is on top of your employee's existing rewards programs. On top of that, any variation of employer student loan contributions, including the new 401K match, dependent on qualifying employee student loan payments, tuition reimbursement, and finally any kind of incentive conversion to 529 or student debt, whether that's lifestyle savings accounts, PTO conversion, sign on bonuses, et cetera. So SavvyFi enables employees to use any or all of these, and it's one door for everybody.
How is SavvyFi different?
Yeah, so previously these benefits have existed across a few vendors and they were confusing for employees and costly for employers to have more than one provider in this area. So SavvyFi is a great way to get something in place quickly and then leave the door open for adding or changing program design for landscape changes. But the biggest difference is no implementation, census shares, file exchange, et cetera, is not needed. Employees can link their bank accounts for recurring or one-time contributions, so that reduces workload payroll and info sec risk.
Who is a good fit for SavvyFi?
Overall really employers who want to reduce noise and cost and then drive engagement in this overall product category. Employers who want to offer the election of sign-on bonuses towards student debt, thereby avoiding payroll taxes and the need for clawbacks. Employers who maybe want to boost parental leave policy by offering a $500, 529 contribution for birth or adoption events, or overall, you know, employers who want to provide student loan benefits in a traditional way or more targeted for things like milestones, or if you're very clever doing a student loan sweepstakes. So having all your student loan borrowers sign up for the SavvyFi tools and winning there, but then once a month picking someone to get a $1,000 or so to their student loans.