Adidas joins other enterprises in giving student loan assistance to employees as job perks. It will form an education loan assistance programme for its employees. It plans to contribute $100 to each qualifying employee each month.
Furthermore, the athletic brand states that its student loan assistance program will reduce the repayment tenure of borrowers by nearly 5 years. Additionally, this assistance programme will instantly help federal student loan borrowers, as repayment is about to resume. The Biden administration will resume student loan repayments in the fall of 2023.
Moreover, this financial assistance for study in US students, especially US citizens, will reduce the stress caused by student loan debt. As 80% of Adidas employees think that additional assistance will help borrowers significantly, this program comes as a significant relief for them.
Beneficiaries of the Adidas student loan assistance programme are employees who are working for 1 year or more in the company. In addition, the company states that anyone who works 30 hours or more per week is eligible to apply for financial aid.
Furthermore, the athleisure brand also provides “financial wellness programmes to its employees. With this programme, it offers free access to several financial resources to its 10,000 employees.
Companies that Help Employees Pay Off Student Loans
In addition to Adidas, here are 7 top businesses in the world that provide student loan assistance to employees:
- PricewaterhouseCoopers (PwC)
- The Estée Lauder Companies
- Chegg
- Fidelity Investments
- Live Nation Entertainment
- Nvidia
Federal Student Loan Repayment Resumes
- As Adidas plans to start a student loan assistance program, federal education loan beneficiaries will get substantial relief. It comes when the US government resumes repayment in August-September 2023.
- As the national student loan debt has crossed the USD 1 trillion limit, financial assistance from this athletic brand will help borrowers contribute to the US economy significantly.
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