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Highway Benefits

Tuesday, June 28, 2022

We are a turnkey platform that enables companies to easily offer student loan contributions as a tax-free benefit.

Transcription:

What is Highway Benefits?

Highway Benefits is a platform that facilitates student loan repayment as a tax free benefit. Our goal is to help companies attract and retain top talent. We work directly with HR and people teams to help employers contribute to employees student loans. So since March of 2020, this is actually a tax free benefit. Meaning that every dollar an employer contributes, up to $5,250 per employee, is tax free income for the employee. And is excluded from payroll from the employer. So each month Highway verifies employee eligibility. And then sends a payment directly from employers, all the way through to the employee's loan account.

How is Highway Benefits different?

Yeah, so we take a very prescriptive approach and attack employee's biggest financial stress. We designed Highway keeping in mind the needs of both HR teams, and employees. For HR and people teams, there's minimal lift. We know HR professionals are busy, and often stretched thin. So our turn-key platform makes it really easy to offer student loan repayment, without any additional effort on their end. And then on the other side, employees can create an account, and enroll in under five minutes. Again, our automated system ensures contributions are paid directly to employees' loan accounts. We recognize the companies at different stages, have different goals, when it comes to attracting and retaining talent. Which is why our platform offers robust support for customization of benefit plans. And ultimately, by helping employees pay off their debt. Companies help employees become financially stable faster. Allowing them to take advantage of other benefits, like 401 s.

Who is a good fit for Highway Benefits?

Yeah, we work with companies of all shapes and sizes. The beauty of Highway, is that we can really support businesses from three employees to 30,000 employees. Our system's built to scale. Each of our customers is really looking to show, not tell, how they care about their employee's wellbeing. It's one of the most impactful and effective benefit dollars an employer can spend. And as proof for seeing that nearly a 100%, of eligible employees, are actually enrolling to receive the benefit. So while student loans are, you know, universal problem in the US. Companies that benefit most tend to have younger populations, or a high ratio of undergrad and grad degrees among their employees. So, high tech, healthcare, and professional services have really been early adopters. But, ultimately, this benefit is a great compliment to 401 s and tuition reimbursement programs.