New Job Perk That’s Luring Employees, Helping Them Cut College Debt

By Susan Tompor
Detroit Free Press

WWR Article Summary (tl;dr) As companies try to hire millennials in a tight labor market, they’re adding a new perk for workers who are juggling student loan payments.

Detroit Free Press

Jamie Cummings, 41, faces $93,000 in student loans, the kind of college debt that could keep anyone awake at night.

“It’s so overwhelming, knowing that my last payment will be when I’m 65 years old,” said Cummings, a customer service manager for the Carhartt in Dearborn, Mich.

She’s paying $450 a month, roughly a car payment, just to deal with her student loan debt from her undergraduate and master’s degrees from Eastern Michigan University. She borrowed to study to be a teacher.

Thanks to the interest that keeps building on her loans, the amount she owes has grown since she obtained her master’s degree in communications in 2008.

“I had to pay for my books. I had to pay for my housing. My parents were not in any position to assist,” Cummings said.

So she was absolutely thrilled when her company, Carhartt, maker of sturdy jackets for construction workers and fashion-trendy rappers, including Kanye West, started telling workers in May that it had their back when it came to paying off college debt.

Carhartt will pay $50 a month up to $10,000 to help its eligible part-time and full-time workers worry a little less about their student loan debt. Employees have to be with the company at least 30 days, if non-union, or 90 days, if in a job represented by a union.

As companies try to hire millennials in a tight labor market, they’re adding a new perk for workers who are juggling student loan payments.

Industry experts say more companies are likely to roll out student loan-related benefits in 2019, too.

Related News

Leave a Reply

Your email address will not be published. Required fields are marked *