[Issue 089] Companies that will help you pay off your student loans 💰
I wish we could earn a dollar for every time someone says the phrase "student loan crisis." (Of course those dollars would go straight to my student loan debt.)
But the facts are pretty hard to ignore:
Student loan debt has risen from about 0.5 trillion to 1.5 trillion in the past 13 years.
Student loans are the second largest consumer debt category after mortgages.
The Class of 2016 owes $37,000 in student loans (on average), and the Class of 2017 owes nearly $40,000.
On one hand it's annoying that we keep having these conversations without any significant solutions; on the other I'm glad that we continue to make the conversation a priority - especially when it comes to the 2020 election.
Of course, you know my natural thought process was focused on how companies are handling the issue. What I learned is that companies are missing a HUGE opportunity to address a growing social issue all while securing the best and brightest talent.
While 86% of employees say they would commit to a company for five years if the employer helped pay back their student loans, only 4% of employers even offer any kind of student loan assistance.
Let me repeat. ONLY 4% of employers offer student loan assistance.
I mean, I wasn't expecting a super high number, but I expected more than that.
But let's talk about that 4%... (especially for those of you who might now be looking for a new job LOL)
In our research we found that the benefits vary widely, with some companies only offering the benefit to full-time employees and others extending it to part-time employees as well.
Here are a few examples we found:
Fidelity - $2,000 a year up to $10,000 towards repaying student loans.
Aetna - $2,000 a year up to $10,000 for full-time employees; part-time employees can receive $1,000 a year up to $5,000. Must have earned degree within 3 years of employment.
Penguin Random House - $1,000 a year up to $9,000 for full-time employees who have worked there for at least a year.
PwC - $1,200 a year up to $7,200.
Abbot - “If an employee contributes 2% of their paycheck to student loan repayment, Abbott will provide a 5% match to the employee's 401k retirement plan.”
Nvidia - $6,000 per year up to $30,000. Must have graduated within the last three years.
First Republic - $1,200 the first year of employment, $1,800 the second year and $2,400 from then on, without a cap. Employees who have borrowed for their children can also receive this benefit.
Chegg - $1,000 a year.
Live Nation - Offers $100 a month up to $6,000.
Staples - $1,200 per year up to $3,600 for full-time sales associates.
If you work for a company that is helping you pay down your student loans, let me know! I want to hear about them.
Bad News: The Fashion Industry Is Actually Slowing Down On Sustainability. It has been known that the fashion industry is one of the most unsustainable markets. However, Fast Company reports in this article that according to three organizations with expertise in the fashion industry with regards to sustainability, advancements in sustainable fashion are slowing. According to the scoring system, the industry improved by 6 points last year, and has only improved by 4 points this year. To combat this, fashion companies must change their practices to counterbalance their waste and carbon output now, and a whopping 40% of fashion companies haven’t even taken a single step to setting new carbon targets, or rethinking their supply chain. // FAST COMPANY
Jury Returns $2 Billion Verdict Against Monsanto For Couple With Cancer-- The Biggest So Far. A verdict out of Oakland, California has awarded a couple who’s cancers was thought to be caused by Monsanto’s Roundup with $55 million in compensatory damages, and an additional $2 billion in punitive damages. The parent company of Monsanto- Bayer, is still claiming that the active ingredient in Roundup- Glyphosate, is safe. // CNN
Delta Tells Non-Union Workers They Should Just Buy Video Games Instead Of Joining a Union. Delta Airline employees have been trying to form a union to represent those not covered in the pilot or dispatcher unions for years. For the past few years the employees have been trying to unionize, Delta has been responding with campaigns aimed at stopping the union. These campaigns usually criticize union fees and union leaders, however, Delta has recently released a poster for their anti-union campaign that urges employees to save $700 a year that would go into union dues- and instead save it for a new video game system, claiming that that is a better investment of their employees funds. // FAST COMPANY
Sisterhood In The Workplace Only Goes So Far When It Comes To Perceptions of Pay. While the #MeToo movement has helped highlight the discrimination in pay that many women face in the workplace, new polling by Morning Consult has shown that while 67% of women believe that women are paid less than men for doing similar work, that number drops to 39% when asked if non-white women are paid less for doing similar work as white women. Another study done by Morning Consult in 2017 found that non-white women are paid a full 6,000 less a year on average, compared to white women. These findings highlight how “white feminism”, which is a cultural trend of “white women’s recognition of cultural sexism without highlighting the larger struggles non-white women face”, and the omission of intersectionality, are still hindering the advancement of all women in the workplace. // MORNING CONSULT
Rihanna, Breaking New Ground, Joins With LVMH For Fashion Brand. The world's largest luxury fashion group, LVMH (Louis Vuitton Moët Hennessy) has announced on Friday that they will be partnering with Robyn Rihanna Fenty to add her eponymous brand- Fenty, to their maisons. This will make Rihanna the first woman to create an original brand at LVMH, the first woman of color at the top of an LVMH maison, and will also be the first maison added since Christian Lacroiz in 1987. // NY TIMES
Microsoft Is Making A $100 Million Bet On African Developers. Microsoft has announced a campaign for discovering and securing talent in Africa, and will be investing $100 million in opening development centers in the countries Lagos, Nigeria, and Kenya. Microsoft is siezing an opportunity by investing in African developers, as Nigeria had the fourth fastest growing developer community in 2016. They will employ 500 engineers by 2023. // QUARTZ
By 2038, The World Will Buy More Passenger Electric Vehicles Than Fossil-Fuel Cars. A report by Bloomberg New Energy Finance has shown that electric vehicle car sales will reach 50 million by 2038, and fossil-fuel car sales will be at 47 million, showing that electric vehicles will likely be the preferred choice for cars by 2038, which is encouraging news for the environment. // QUARTZ
3 Muslim Workers At Amazon File Federal Discrimination Complaint. At an Amazon center in Minneapolis, 3 somali women employees have filed suit against the company for a “system of violations” surrounding their religion and prayer habits, which goes against the Civil Rights Act of 1964. This suit comes after federal complaints from East African employees in the company as well. // NY TIMES
This week's headlines were curated by ABL's intern, Lora.
“Young workers feel highly stressed as a result of the burden of student debt, and that debt clearly impacts their health and productivity in the workplace.”
- Kevin Fudge, director of consumer advocacy at American Student Assistance (ASA)