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Sep
4

How to Implement a Student Loan Benefit

After deciding to offer a student loan benefit, the last thing you want to deal with is a confusing implementation process. Implementing a student loan benefit should require minimal effort.

Payment

Purchasing is the first step in the implementation process. You’ll need to provide payment before moving forward. The best companies will have convenient, secure ways to pay online. Payments should also occur on a contractual or subscription basis. Payments for voluntary benefits often renew annually, with options to upgrade at any time.

Customization

Every company is a little different, and your benefits should match your branding and style. Employees using their student loan benefit should have an intuitive user experience and easily recognize that their benefit is provided by their company.

Employee Eligibility

Defining the list of eligible employees is an important step in any implementation. Only eligible employees should be able to access the student loan benefit. Only those eligible employees should be able to authenticate on the platform. Your benefit provider must understand that employee eligibility lists are fluid. Employees can join or leave the list at any time. Uploading a new eligibility list, or changing an existing eligibility list, must be painless to do within the platform.

Onboarding

If employees aren’t taking advantage of a voluntary benefit, it’s likely they don’t know about it. Have a plan for how you’re going to announce this benefit to your workers. Promote the benefit as a way to say “thank you” for all they do and as a way to help them improve their financial well-being. Utilize the onboarding material provided to you from the provider.

Launch!

IonTuition offers simple implementation and administration. We include up-front pricing, online payment, complete customization, and engaging onboarding material. Sign up for IonTuition today for fast implementation and easy administration.


Fill out the form below to download our quick guide about implementing your student loan benefit.

 

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