How they describe themselves: With $1.3 trillion in student loan debt looming, the United States is presented not only with a student loan problem, but a personal financial crisis that prevents hard-working individuals from getting to the next stage in their lives. That’s why Student Loan Genius, Austin-based inventor of the first complete student loan benefits solution, has stepped up to eradicate the problem by offering companies a way to help pay off their employees’ student loans debt, convert making student loan payments into a wealth-building activity, and ultimately attract and retain today’s top talent.
How they describe their product/innovation: The Student Loan Genius 401(k) Contribution Feature 401(k) contribution feature empowers employers to help their employees get a leg up on retirement savings while reducing their student loan debt. Put simply, employees make their student loan payments, and based on a payment, the company makes a pre-tax contribution into the employee’s 401(k) or other retirement account. By putting unused, already budgeted, pre-tax retirement plan dollars to work, this new feature helps break down one of today’s biggest investment roadblocks for employees held back by student debt.
Product distribution strategy: Direct to Business (B2B)