Companies: Yes, We Care about America's $1 Trillion Student-Loan Debt Problem
The HR Digest|October 2016

Facebook offers laundry services, Airbnb gives employees a yearly $2,000 bonus to travel the world, Google offers massage credits, and Evernote offers twice-a-month house cleaning services.

Companies: Yes, We Care about America's $1 Trillion Student-Loan Debt Problem

For Millennials, these are some very Silicon Valley-esque perks. But, do they really want it? Employers are starting to offer some very practical solutions to the gravest of all Millennial-problems: paying off student-loan debts.

In June this year, the accounting firm Pricewaterhouse Coopers announced that the company will help associate-level employees (who make up 45 percent of PwC’s 46,000 U.S. employees) with their student-loan debt. PwC will contribute about $100 a month towards an employee’s student-loan principle for up to six year, for a total payout of $7,200. Since paying off loan principle will reduce interest, the company estimates that the benefit is worth up to $10,000.

“Student loan debt-driven by the rising cost of higher education-is a pain point for recent graduates,” said Tom Codd, the U.S. Human Capital Leader for PwC, in a press release. “As a firm that recruits more than 11,000 new hires off campus each year, this is an opportunity to differentiate ourselves with a key talent group-millennials-and provide a meaningful way to help reduce their debt.”

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