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New York Life announces new employee benefit to ease the burden of student loans

Jovan Hackley | October 3, 2017 About Vault

Jovan Hackley

Advocacy & Engagement

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COMPANY MAKES PROGRAM AVAILABLE ON DAY ONE OF EMPLOYMENT FOR ELIGIBLE EMPLOYEES

NEW YORK, October 3, 2017 – Recognizing the stress and financial burden that student debt can create, New York Life has launched a student loan repayment program offering up to $10,200 over five years for eligible employees*, as well as student loan advice and online planning tools

Through the new benefit, employees who have taken out student loans for themselves will receive assistance to accelerate their student loan repayment plans. If they have taken a loan out for their child, they will receive counseling and advice to help guide them through the repayment process.

New York Life is making these benefits available to eligible employees on day one of their employment, with no waiting period. This new offering builds on New York Life’s existing assistance programs, including a tuition reimbursement program that has enabled hundreds of employees to enroll in undergraduate, graduate, or independent study courses, and a New York Life Family Scholars Program that assists the children of employees and agents who plan to attend college or vocational/technical school programs.

Katherine O’Brien, Senior Vice President and Chief Human Resources Officer, New York Life, said, “Part of our commitment to the wellbeing of employees means offering benefits that address the real challenges they face. 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.”

New York Life has partnered with Student Loan Genius, America’s first student loan benefits provider, to offer its counseling and contribution services to employees. Through Student Loan Genius, employees will be receiving help via online tools, email, and phone where live counselors offer personalized student loan guidance in real time.

“Student Loan Genius is excited to partner with major insurance and financial forces like New York Life. These companies aren’t just offering a benefit, they’re making a statement about how American companies can’t continue to avoid problems like student loans payments that face employees,” said Matt Beecher, CEO of Student Loan Genius. “New York Life has a long history and reputation of helping Americans pursue long-term financial wellness and stability. We’re excited to help and even more excited that they’re leading one of the most influential industries in tackling student loans.”