As the student loan crisis conversation changes on a daily basis, the one thing that is certain is there are only a few employers out there who are taking the first big steps to solve this national problem for their most valuable asset – their employees.
Through Selective’s Student Loan Repayment Assistance Program, Selective will make monthly $100 payments, up to $6,000, toward student loan debt for eligible employees who obtained an undergraduate degree within the last five years. In addition, student loan refinancing opportunities are available through Gradifi Refi to help employees take advantage of dropping interest rates and alleviate the burden of student loan debt.
On top of the student loan repayment program, all Selective employees can refinance their student loans through the Gradifi and save for retirement with a combined 8.5 percent match which allows employees to simultaneously pay down debt and save for retirement.
“As an employer of choice in the insurance industry, we proudly employ some of the brightest recent graduates in the workforce today,” said Chuck Musilli, executive vice president, chief human resources officer, Selective Insurance.
“But so many of them are facing undue stress due to loan repayment obligations. Selective’s new Student Loan Repayment Assistance Program provides recent college graduates a bit of a reprieve in paying down their debt as they focus on building their careers.”