PNC Student Debt Solution

No, an employer may choose to turn off any of the individual modules/capabilities in the core platform.

PNC Organizational Financial Wellness and Candidly’s Workplace Success teams will work closely with employers for a successful implementation and launch. Implementation can take anywhere from 2 to 6 weeks depending on program design, during which time the benefit program design is finalized, including eligibility and contribution amount, and launch materials are provided. In addition, census file format and ongoing processes are reviewed.

Employers will have access to an Employer Dashboard that provides engagement statistics across their employee base.

Employers can choose to offer access to the platform to only to their benefit-eligible employees, or they can offer it to all employees, including part-time or contracted. While the student loan platform is primarily geared toward borrowers, it offers content and tools that can be helpful for families of borrowers and those who are in the stages of planning and preparing to go to college or to send a child to college.

Participants have access to customer support, provided by Candidly, via chat, email and phone. Normal business hours are Monday to Friday, 9 a.m. to 8 p.m. ET. Users also have 24/7 access to an ever-expanding help center covering topics from how-tos to education on loan types and overall student loan information.

Employees who sign up for the Candidly platform will receive emails from Candidly confirming activities and transactions, and driving further engagement with the platform. Employees can opt out of receiving non-transactional emails from Candidly at any time.

Candidly is a venture-backed fintech company that has been supporting student loan borrowers since 2016. Candidly partners with leading employers, 401(k) and 403(b) record-keepers, financial institutions and more to offer solutions for those planning for college, repaying student debt and saving for the future.

Candidly is currently SOC 1, SOC 2, PCI, BSA/AML and FISMA compliant. Candidly runs pen tests twice a year and performs annual audits on its security attestations.

PSLF is a federal program that forgives a borrower’s remaining federal student loan debt after they have made 120 qualifying payments in sectors like government, education, healthcare and nonprofits. Applying for this program can be difficult, leading to low enrollment and acceptance rates.

PNC Student Debt Solution has streamlined the forgiveness experience for employees through an easy-to-use core platform feature that’s also automated for their employers.

Section 127 of the Internal Revenue Code (IRC) allows employers to make tax-free payments of up to $5,250 per year to eligible employees for qualified educational expenses.

Both student loan and tuition reimbursement contributions fall under Section 127, giving employers the unique opportunity to help their workforce while tapping into tax savings.

The SECURE Act 2.0 amends the tax code to treat employee payments to student loans as elective deferrals for the purposes of retirement matching contributions. This landmark legislation therefore enables employers to make a contribution to employees’ retirement plans based on the employee making a payment to their student loan.