Provides an employee benefits platform that enables employers to offer tax-free contributions toward employees' student loans, tuition reimbursement, and retirement plan matching based on qualified student loan payments. This helps companies attract and retain talent by reducing student debt burdens, with tools like benefit calculators and plan creators to streamline implementation and cost estimation.
Funding
$3.2M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many employees struggle with student loan debt, impacting their financial well-being and making it difficult for companies to attract and retain talent. Traditional benefits packages often overlook this significant burden, leaving a gap in employee support.
Solution
Highway provides a platform that enables employers to offer tax-advantaged benefits focused on employee student loan assistance. The platform supports direct student loan repayment contributions, tuition reimbursement programs, and student loan retirement matching, where employer contributions to an employee's retirement plan are tied to qualified student loan payments. Highway streamlines the implementation and management of these programs, offering tools for benefit calculation, plan creation, and adoption rate estimation. By addressing student debt, Highway helps companies improve employee financial wellness, attract talent, and reduce turnover.
Target Audience
Highway targets companies of all sizes looking to enhance their employee benefits packages, particularly HR professionals and benefits brokers seeking innovative solutions to attract and retain talent burdened by student loan debt.
Features
- Tax-free employer contributions towards employee student loan repayments
- Support for tuition reimbursement and assistance programs
- Qualified student loan payment (QSLP) verification for 401(k), 403(b), SIMPLE IRA, and 457(b) retirement plan matching
- Benefit cost calculator for estimating the financial impact of student loan repayment benefits
- Loan payoff calculator to illustrate the accelerated payoff schedule with employer contributions
- Adoption rate calculator to determine the percentage of employees with student loan debt
- Benefit plan creator for designing customized student loan repayment benefit plans
- Student debt education hub providing employees with tools and resources to manage their student loans