Question 1

How can an employer pay my Student Loans?

Accepted Answer

Employer Student Loan Repayment or employer Student Loan Reimbursement is a benefit where the employer makes payments to the employees or the student loan lender directly. An employer can make up to $5,250 in student loan payments for an employee within a year tax-free. Paidly assists your employer by making payments to the student loan lender directly.

Question 2

Can I create an account if my employer does not yet offer a Student Loan Repayment Benefit plan?

Accepted Answer

Yes. You can create an account, load up your student loan information and use Paidly to analyze how supplemental payments can reduce the amount of interest paid and the payback period (in years).

Question 3

What information is needed in order for me to receive employer assisted Student Loan Repayment Benefits?

Accepted Answer

You have four steps to benefits: 1) have an employer sponsor, 2) set up an account with personal information, 3) provide details on your Primary loan, and 4) upload your latest Primary loan statement for verification.

Question 4

What does it mean to select a loan as my Primary?

Accepted Answer

Paidly only makes payments toward one loan, "my Primary" loan, identified by the employee. The Primary loan is generally the most impactful related to loan terms.

Question 5

Can I change my employer contributions toward another loan?

Accepted Answer

Yes. You can change your Primary loan at any time before the monthly payment deadline.

Question 6

When will the payments be made by my employer to my student loans?

Accepted Answer

Payments will be made on or before the 15th of each month.

Question 7

Can I use my Paidly benefit to pay my monthly student loan minimum payments?

Accepted Answer

No. Paidly benefits are supplemental payments only. You are still responsible for paying your minimum monthly student loan payment.

Question 8

Are my Paidly benefits taxable?

Accepted Answer

The Federal Government, through the CARES Act, allows employers to contribute up to $5,250 tax-free to student loans each year, meaning the money paid is considered tax-free for both the employee and the employer.

Question 9

When will I see my organization's supplemental student loan payment reflected on my loan account?

Accepted Answer

You will receive email notifications throughout the process as your supplemental loan payment moves along.When you receive a benefit from your organization you will receive a notification confirming that your organization has made a supplemental student loan payment as part of their student loan repayment assistance benefit through Paidly. Great news!This next notification confirms that your supplemental student loan payment was sent to your loan provider. It could take up to 10 days for the payment to register in your loan provider's account.The amount of time it takes for a loan provider to process your supplemental payment varies by loan provider. Paidly does not have control over the loan provider process or timeframe for registering loan payments.

For Employees

Paying off your student loans should be easier

Supplemental payments

Full Employee Dashboard

Employer supplemental loan payments

Secure and simple online enrollment

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