From Washington Post:

Pricewaterhouse Coopers, the global consulting and accounting firm, announced Tuesday it will begin helping its junior employees pay down their student loans next year. Starting next July, all of PwC’s associates and senior associates—roughly 45 percent of the firm’s 46,000 employees, ranging from entry-level to about six years of experience—will become eligible to receive as much as $1,200 a year for up to six years toward their student loans. The benefit will be paid directly to the loan servicer of certified student loans, though it will still count as income for employees.

While exceedingly rare today, I anticipate seeing this more frequently as a way for companies to stand out while recruiting millenials:

Experts on human resources say student loan repayment by employers is relatively rare. Only about 3 percent of companies offer to help pay down student debt, according to the latest employee benefits survey from the Society for Human Resource Management. Bruce Elliott, manager of compensation and benefits for SHRM, said where they’re typically found is in businesses that have difficulty recruiting specific types of employees, such as nurses. States have run similar programs for teachers, he said, as has the National Institutes of Health to attract physicians into certain kinds of health research.

So, when comparing compensation packages, be sure to ask “Do you help employees pay down their student debt?”

About the Author

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

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