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.”
HR Technology News: Technology Association of Georgia Announces Diversity & Leadership Award Winners
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.
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.
HR Technology News: Betterworks Launches Team Edition for SMBs