Hundreds of companies are now paying off their employees' student loans

Hundreds of companies are now paying off their employees’ student loans

Helping staff with their schooling debt is an effective way to draw new expertise, mentioned John Samaan, senior vp and head of human sources at Millennium Trust Company.

The monetary companies agency started providing its staff student mortgage help a couple of months in the past. Now, 20 p.c of the corporate’s 300 staff are already enrolled, Samaan mentioned.

“We got a lot more inquiries from potential candidates,” Samaan mentioned. “People want to join us to be able to participate in this program.”

Options Clearing Corporation, a big clearinghouse for fairness derivatives, additionally began offering its staff student mortgage contributions this 12 months. More than 70 staff signed up throughout the first month, mentioned Erin Smith, first vp of whole rewards on the firm.

She mentioned student mortgage help is the primary profit being talked about at job and recruiting festivals.

“Most companies provide a pretty standard benefit menu, like medicine, dental and vision, so when you introduce a program that differentiates you, that really matters,” Smith mentioned.

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