The Carlstar Group announced that it has partnered with Gradifi to offer a Student Loan Repayment (SLP) benefit to its U.S. employees beginning in November. The Carlstar Group is a manufacturer of specialty tires and wheels and employs more than 3,400 associates in 17 facilities located in four countries.
“This is an exciting new benefit we are able to offer to our team of employees,” said Jon Mathews, Executive Vice President of Human Resources at The Carlstar Group. “As a large, U.S.-based manufacturer employing thousands of talented team members, we hope to lessen the financial burden that student loans place on our employees while at the same time expanding our total benefit offering and enhancing employer/employee connections throughout our business.”
Working with Boston-based Gradifi, the leading provider of Employer SLP Plans, The Carlstar Group is joining the ranks of other progressive companies, including PricewaterhouseCoopers (PwC), in leading the charge of tackling our nation’s student loan debt crisis, which impacts 70 percent of recent college graduates in the United States. Beginning in November of this year, The Carlstar Group will supplement eligible employees’ regular student loan payments with a monthly contribution through a managed program offered by Gradifi.
“Each eligible employee can participate in the SLP program for up to five years, with a total benefit of up to $5,100 toward the principle of a student loan” said Mathews. “This financial assistance can help save thousands of dollars while reducing the overall life of the loan.”
Meera Oliva, chief marketing officer of Gradifi, said, “We are proud to partner with The Carlstar Group to offer a student loan repayment benefit to employees. A student loan repayment benefit not only relieves the burden of student loan debt for employees but also creates a competitive advantage for employers seeking to attract and retain talent in today’s tight labor market. The Carlstar Group is a leader in recognizing the challenge and in providing a cost-effective, easy-to-implement solution.”