Student Loan Pay Down Plans for Employees
Nice to see a major employer like PwC adding a benefit like Student Loan Pay Down plans to their employee benefits.
Long-time Fortune 100 Best Company to Work For®, PwC, is a pioneer of this new benefit […] The average age of PwC’s 46,000 U.S. employees is 28 years old, and an estimated 15,000 of them have student loans. Moreover, upwards of 10,000 PwC employees are recruited directly from college campuses, and 75% of them have over $35,000 of student loan debt.
This is a benefit we’ve been offering for the last year through Student Loan Genius (though the details may vary) and it is nice to see customers and partners in business adopting similarly great employee benefit policies.
When asked by host Leigh Gallagher of Fortune Magazine whether the Student Loan Pay Down Plan is the next new thing in the “arms race” to offer workplaces that benefit employees, Petroff agreed. She said, “It is a stake in the ground, a major one, for PwC—and there will be fast followers.”
While the article (and perhaps PwC) focus on Millenials, they may be surprised to find that quite a few other employees have student loans or children with student loans. We have found this benefit to be more wide reaching than we assumed it would be when we rolled it out, and couldn’t be happier about the impact it has on helping our team pay down student loan debt and set themselves up for financial success later in life.