Paidly

Paidly, a cloud-based platform offered by Paidly, Inc., aims to provide a supplemental student loan repayment benefit for employers and employees. According to the vendor, the product is designed to assist employers in attracting and retaining top talent by helping employees repay their student loans more efficiently. It is suitable for companies of all sizes, from small businesses to large enterprises, and is utilized by professionals in various industries, including Human Resources, Benefits, Accounting, Financial Advisory, and Technology.

Key Features

Employer Student Loan Repayment Benefit: Paidly enables employers to offer a supplemental student loan repayment benefit, which the vendor claims can enhance employee financial well-being. Employers can contribute towards the employee's student loans, addressing the impact of student loan debt on employee quality of life.

On-Demand Payments: According to the vendor, Paidly provides flexibility to employers by allowing them to make supplemental student loan payments on a schedule of their choice. Employers can convert different types of payments, such as bonuses, referral bonuses, and paid time off (PTO), into student loan payments. Employees also have the option to allocate these payments to their preferred loan.

Tax-Free Benefit: Paidly enables employers and employees to take advantage of tax benefits under the CARES Act and IRS tax code 127. Employers can make tax-free contributions of up to $5,250 annually towards their employees' student loans. Employees can receive tax-free contributions towards their student loans, reducing their overall tax burden.

Bonuses & PTO Buyback: Paidly offers employees the option to allocate bonuses and unused paid time off (PTO) towards their student loans. Employees can convert their paid time off into a one-time payment for their student loans. Additionally, Paidly facilitates lump sum extra payments directly to the loan principal, helping employees repay their student loans more quickly.

Friends Helping Friends: Paidly enables employees to receive donations from friends and family towards their student loan debt. This feature aims to create a supportive community where individuals with student loans can connect and support each other. Employees can easily receive donations through Paidly's platform, with funds sent directly to the loans for transparency. Donation campaigns can also be shared across multiple social media platforms.

Security: Paidly prioritizes information security, utilizing SSL encryption to establish a secure connection between the browser and the website. Data at rest is encrypted using AES_256, and data in transit is SSL/TLS encrypted. Internal security measures ensure that only authorized personnel have access to customer data. Paidly's cloud-based platform is built on industry-leading infrastructure and complies with SOC 2 standards.