SARATOGA SPRINGS – In a statement provided this week, Fingerpaint announced that it would begin making company contributions to help employees pay down student loans, allowing them to eliminate debt sooner.
This progressive new benefit is possible through a partnership with Gradifi, a leader in student loan repayment programs for employers in the United States.
Fingerpaint already offers industry-leading benefits, such as free healthcare premiums for employees and their dependents and month-long paid sabbaticals after five years of service. The company will begin contributing $100 per month to the principal balances of employees’ student loans as well.
For an employee with the median amount borrowed for a bachelor’s degree, this level of employer contribution could result in more than $10,000 in savings on loan principal and interest, a 30 percent reduction in total payments, and the loan would be paid off three years faster.
Fingerpaint expects to incur $60,000 in annual costs as a result of the program, with costs increasing as the agency continues to grow and hire more employees.
“We do everything possible to live up to our value of putting people first,” said founder Ed Mitzen. “It’s a win-win knowing that this benefit will help the great people working at Fingerpaint already, in addition to giving us a leading edge in recruiting as we continue to grow.”
The benefit was announced at the agency’s 10th anniversary celebration earlier this month, when all 180-plus employees were flown to Scottsdale, Arizona, for four days of meetings, cross-office collaboration, and festivities.
As another thank-you to the company and the dedicated people behind it, an office rotation program, a 300 percent increase in the 401(k) match, and summer business hours were also announced during the retreat.
“Seeing the sheer number of our employees this benefit would affect was extremely gratifying,” said Nicole Holland, Fingerpaint’s head of people and culture. “We’re so proud to add Gradifi to our benefits package and can’t wait to see the impact it has on those it supports.”
