2020-2021 Benefits Guide Work In Progress rev 10.22.2020

Goodly Student Loan Payment Program We understand the stress of having to pay student loan debt and that is why the EAA offers a student loan payment program. This benefit is administered by Goodly. The EAA will pay $50.00 towards your principle on student loans. The EAA’s contribution is applied directly to your student loan as a secondary payment, reducing your repayment period and saving on interest.

To be eligible for this benefit, you must be a full-time employee with a personal student loan or a parent-student loan. The loan must be in the employee’s name. The student loan must be in good standing and employee’s must continue to make their monthly loan payments on time each month. The EAA will not make contributions to deferred loans. The EAA will send the contribution to Goodly each month, who will then send it directly to your servicer. The EAA contribution will count towards your annual salary and is taxable. For new hires, employees must enroll by the end of the month following their date of hire. For example, if an employee was hired on January 3rd, then they will have to enroll by January 31st for the EAA to make the first payment effective February 1st. If you fail to enroll within your first month of employment, you may still enroll at a later time but the EAA will not make retroactive payments to your account and will begin contributions following the first of the month following your registration date. To sign up, create your account online and add your student loans for verification by visiting the Goodly Registration Page. The link is not viewable in Internet Explorer. You will need to provide a copy of your most recent student loan statement when you register. If you have multiple student loan accounts, you will have the option to change your primary account to decide which loan account to have the EAA contribution go to. By default, the primary account with the highest interest rate is selected for contributions. Additional services from Goodly include access to accredited student loan coaches to provide an assessment of your student loan situation. Additionally, you will have the ability to invite friends and family to make payments directly to your student loan. Since the EAA contribution is a secondary payment, you will be required to send a letter to your loan servicer asking that the EAA payment be applied to your principal amount. Please contact the HR Administrator for more information.

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