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Graduating with student loan debt has become an all too familiar part of the college experience. For many, taking out federal or private student loans just goes hand-in-hand with getting a higher education. The good news is some employers are recognizing that fresh graduates might need some extra help paying their debts down.
A handful of companies are now offering programs for their employees to earn assistance in paying off student loans. The amount of money given, and the length of time they can participate, varies by company. For example, PwC provides employees with $1,200 a year ($100 monthly), but employees are only allowed to participate in the program for six years. Still, considering PwC recruits somewhere around 11,000 new employees straight off college campuses every year, this is a huge selling point.
Other companies might be more generous, though they usually have fewer employees. For instance, CommonBond will help employees pay off loans in their entirety, regardless of the amount of debt a student has. However, CommonBond also has less than 100 employees.
The requirements for participating in such programs also differ from company to company. Some programs have a waiting period — usually around six months — before an employee can enroll. As most students already know, federal loans have a 6-month grace period where no payments are due immediately after leaving school.
Other companies have more stringent requirements. Natixis Global Asset Management requires a program participant to work for it for five years before receiving a $5,000 lump sum. After that, the employee will receive another $1,000 every year for the next five years.
If you'd like to learn more, you can get the whole story here. Readers, does your employer offer any sort of loan assistance? Tell us all about it in the comments below.