Forget free snacks and on-site yoga classes. Student loan repayment programs are the newest employment perk, writes Jackie Crosby in the Minneapolis Star Tribune. The programs are aimed specifically at millennials, who carry an average of $29,000 in student debt for a total of $1.3 trillion nationwide. Experts say these incentives are more enticing to 24-year-olds than 401(k)s.
The loan payments can be structured in various ways, such as monthly payments or lump-sum contributions after a couple of years of loyalty to the company. Crosby says PricewaterhouseCoopers is the largest U.S. corporation to offer the perk, with a program giving employees with less than six years on the job $100 a month against college loans. The company estimates 45 percent of its workforce will take advantage of the payments.
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