4 ms·

Why involve employers in the loop at all? If automation is the goal, you could (presumably, not sure if it's actually legally/technically possible) connect some

by kjksf 11y ago

Why involve employers in the loop at all? If automation is the goal, you could (presumably, not sure if it's actually legally/technically possible) connect someone's bank account to loan repayment. How much of a pain it is for people to make those payments. Is it manual process now? What's in it for the employer? Taking a significant headache of managing such system on behalf of the employee. There are probably legal ramifications for this scheme. Presumably this would have to integrate with payroll systems. Which systems can you already integrate with? Wouldn't employee be reluctant to disclose his loan repayment status? That doesn't sound like something employer should know. Did you study potential legal ramifications of being intermediary between a person and loan provider?

vs2370 11y ago
Thanks for your comment, Employers will do a percentage match towards the repayment. Also pay for the SaaS platform. Currently a lot of students do not automate it because of not having the minimum balance on the due date. One more problem that it does solve just like 401k is to mandate some financial discipline. Like 401k they can obviously skip few months given that they will be fined by their bank. Regarding benefits for employers - One is a benefit to attract talent. Some companies like deloitte pay off your one semester fee if were an intern who got and accepted a full time offer. Other employers have plans to pay towards your continuing education. I dont think this will add much extra cost to employer but yes there will def be some friction to onboard first few companies. But if Google is in, Facebook will not miss it Either zenefits or adp. Right now none. Yes sharing repayment status might be tricky. Good point. But employer doesn't have to see the repayment status though. The platform can automatically stop or notify the employee once the repayment is done. I sent an email to few people who manage education loans at banks.

by kjksf 11y ago

vs2370 11y ago

Thanks for your comment, Employers will do a percentage match towards the repayment. Also pay for the SaaS platform. Currently a lot of students do not automate it because of not having the minimum balance on the due date. One more problem that it does solve just like 401k is to mandate some financial discipline. Like 401k they can obviously skip few months given that they will be fined by their bank. Regarding benefits for employers - One is a benefit to attract talent. Some companies like deloitte pay off your one semester fee if were an intern who got and accepted a full time offer. Other employers have plans to pay towards your continuing education. I dont think this will add much extra cost to employer but yes there will def be some friction to onboard first few companies. But if Google is in, Facebook will not miss it Either zenefits or adp. Right now none. Yes sharing repayment status might be tricky. Good point. But employer doesn't have to see the repayment status though. The platform can automatically stop or notify the employee once the repayment is done. I sent an email to few people who manage education loans at banks.