New York Life has added a new benefit to help its employees pay down their student loans.
For employees who took on student loans for their education, the benefit will provide them with up to $10,200 over five years as well as student loan advice and online planning tools, the insurance company announced this week. New York Life employees who took out loans for their children will be able to access counseling and resources to guide them through the repayment process.
“Part of our commitment to the wellbeing of employees means offering benefits that address the real challenges they face,” says Katherine O’Brien, senior vice president and chief human resources officer at New York Life. “Student loan debt can create significant obstacles when it comes to achieving other life milestones, such as buying a home or starting a family. We are delighted to offer this new benefit to help ease the financial burden of student loans and make life better for our employees.”
See also: 10 best states for student loan debt
Eligible employees will be able to access this benefit — which is administered by provider Student Loan Genius — upon employment, the company says. It also will expand on its current assistance offerings, such as a tuition reimbursement program and the New York Life Family Scholars Program, which assists the children of employees and agents who plan to attend college or vocational school.
In 2017, just 4% of companies offer student loan repayment assistance, according to statistics from the Society of Human Resource Management. New York Life competitors MetLife and Northwestern Mutual do not offer student loan repayment benefits; as of October 2016, Prudential offers employees hired through campus recruiting program up to a $5,000 incentive to help pay off student debt.
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