Program to launch in early 2020 for eligible employees
The Hartford has announced a new student loan repayment program to help its employees pay down student debt. According to a recent study by Experian, student loan debt in the United States reached an all-time high in the first quarter of 2019 totaling $1.4 trillion, with an average student loan debt per borrower of $35,359.
“The increasing cost of student debt continues to be a concern for the country and our employees,” said The Hartford’s Chief Human Resources Officer Marty Gervasi. “It is a financial burden that can cause a great deal of stress, and we want to help employees have more financial flexibility, enabling them to focus on their life and careers.”
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Under the new program set to begin in early 2020, nearly 17,000 U.S. based employees will be eligible to receive a lifetime total of $10,000 toward their student loan debt. For participating employees, The Hartford will contribute funds to their loan providers directly each month.
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The student loan repayment program is the newest feature in a broader benefits offering provided by The Hartford to help employees facing the student debt crisis. In July, the company launched a student loan counseling and refinancing benefit in partnership with Gradifi. For employees, as well as their relatives and friends, pursuing a college degree or with student debt, Gradifi can assist with setting savings goals, finding available scholarships and refinancing student loans through a select group of lenders. In addition, The Hartford offers tuition reimbursement for employees pursuing undergraduate and graduate degrees.
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