04 Jul Tips from PwC for Student Loan Paydown
The benefits of the program are then integrated with payroll administration. With the debt getting reduced mostly due to on-time repayment due to the repayment assistance program, advice in the consolidation and refinancing of loans are given to the employees, so as to enable them to improve their finances. There are a few other companies that offer equivalent programs such as the subsidized gym memberships. Be it any program that is offered, employees flock behind a company that offers them the maximum benefits.
The Student Loan Payoff Program of the PwC was established in was scheduled in such a way to pay the employees $100 per month, totaling to $7,200.
Moody’s granted a triple A rating to SoFi to become the first online start-up lender to receive the same
In the initial years, the program offered $1,200 per year, for an employee. This contribution from the company’s side was instrumental in reducing the principal and interest payments by $10,000 and hence the pay-off period was reduced to up to three years as quoted from the PwC’s Chief People Officer, Mike Fenlon.
Suggestions from PwC to the employers who are planning to introduce the program in their firms are as given below.
The process needs to be made easy for employers. Loans are paid directly through a third party vendor. And hence, the payment needn’t be handled directly by the staff each month.
Student loan benefits, come in the taxable income category. So how much ever hard you try, you’ll definitely have to pay the taxes. So you need to be aware of the pros and cons of the program before you choose to opt the student loan payoff.
There was a worry about responses from people who do not have debt. However, even they ended up with a welcoming note on the program.
Usual benefits offered by Companies
Health-Care Facilities, awareness programs, quick stretching routines and more can improve employee productivity. Food, vacation, and flex-time can also attract the employees into seeking a job at your company.
The company is based in Tempe, Arizona. The company was founded in 2012 as a subsidiary of Drive Time. After the company had sold 94,108 cars in 2018, the company began to be known as the Amazon of Auto. Moreover, in 2018, the Disney movie ‘Ralph breaks the Internet’ featured Carvana. The company is also the jersey sponsor of Phoenix Rising Football club.
Eligible workers of Freddie Mac can receive up to $9,000 for a five year period to pay off their loans. Federal Home Loan Mortgage Corporation is popularly known as the Freddie Mac. The company has bagged the 38 th rank in the 2018 Fortune 500 companies.
SoFi, the student loan refinancing company offers its employees, $200 per month to clear student loan debt with no lifetime cap. SoFi was founded by Mike Cagney, Dan Macklin, James Finnigan, and Ian Bardy in 2011.
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Whatever be the benefits including repayment assistance that the company offers, make sure that you accept jobs with a long-term perspective and not just the benefits that you receive. Though a student loan payment assistance worth $1,200 is fairly good, you shouldn’t lose better benefits and perks that another job without repayment assistance offers.
Most often $50 is seen as a starting point for these loans. The procedure of payment assistance should also be made simple as in the case of Rise Interactive, where the employees receive benefit from the first day of their joining. Autopay options of student loans will help in keeping up the shared accountability. This will ensure that the money granted for loan repayment is automatically going into Pennsylvania online loans the direct debit from their bank.