What is this Benefit?

How does this benefit work?
Your employer will contribute funds every month either directly to your student loan(s) or to a 529 plan in your name.
How do I know if I am eligible to receive a student loan repayment benefit or 529 plan contribution?
Your employer and BenefitEd will let you know if you are eligible through email notifications.
What student loans qualify for this program?
All federal (including PLUS) and private student loans qualify to receive payments as long as the loan(s) are in your name.
What is a 529 Plan?
A 529 plan is a tax-advantaged savings plan designed to encourage saving for future college costs.
How do I setup a 529 Plan?
Each state has various eligible plans. There are numerous internet resources to look through and online signups available. Some plans may benefit your state taxes.
Are there any fees for enrolling in the program?
No, employees are not charged a fee for participating in the BenefitEd program.
Will my personal financial information be shared with other companies?
No, all of your personal financial information will be kept secure and private.
Will my employer have visibility or access to my student loan information and account?
No, your employer will know that you are enrolled in the program, but will not have access to your loan information.

What do I need?

How do I sign up for the BenefitEd student loan repayment benefit?
You will be sent an email with a link that will take you to the sign-up page. There, you will provide basic student loan or 529 plan information and determine which accounts will receive the contribution.
What information do I need to sign up for this benefit?
Your name, employee ID/clock number, name(s) of your loan servicer(s), and your student loan account number(s).
What is my student loan account number?
Your account number is a unique identifier that is assigned to you by your loan servicer. You can have multiple loans with a single servicer under one account number. If you have multiple loans through different servicers, then you will have a different account number for each servicer. You can find your account number by logging in to your servicer’s website or on your monthly billing statements.
Why do you need my student loan account number?
Your account number allows BenefitEd to apply your employer's contribution directly to your student loan. Your loan number and name are the two pieces of information we need to make a payment.
How do I change my loan information after I have signed up?
If you need to change or add your loan information, you can do so by going to BenefitEd.com and selecting “Update My Information.”
What should I do if I cannot locate my email with the link to the sign-up page?
Go to BenefitEd.com and select “Lost my Email.” Another email will be sent to you with a unique link that will bring you to the sign-up page where you will be able to add your student loan information.

Program Details

Is there an enrollment period to sign up?
No, enrollment will be on a rolling basis. Once you receive the email with the link to the sign-up page, you can sign up at any time. However, you will need to complete the sign-up process before your employer’s cutoff day in order to receive the benefit on the first day of the following month. If you miss the cutoff deadline, the benefit will not begin until after the following month.
Can I split my employer's contribution between multiple loans if I have more than one?
Yes, Loans that are serviced through separate servicers can be split however you decide. However, If you have multiple loans through one servicer, the contribution will be spread across all the loans proportionally or the servicer may apply to the loan that is the furthest delinquent should that be the case.
Does my contribution start at the beginning of the eligibility period or after I enroll?
You are only entitled to receive contributions after you are fully enrolled in the program. We suggest signing up for the program immediately after receiving the sign-up email to begin having your employer contributions applied to your loan(s).
Will this affect my fringe benefit calculation?
Yes, the dollars contributed by your employer will count toward your fringe benefit calculation.
How does this payment affect my regular monthly student loan payment?
You are still responsible for making sure your regular minimum payment is made. The contribution from your employer is extra and should not be counted on for your minimum payment.
When will the payment be sent to my servicer or 529 Provider?
BenefitEd will send the payments on the last business day of the month. We cannot control when the recipient will apply it to your account.
What if I leave my employer?
The benefit will terminate the month you leave.
Who do I contact with questions?
Please email questions to benefited@nelnet.net