Fidelity to Help Employees With Student Loans

What's Hot

The Most Sinful City in the U.S. Is … (Hint: It’s Not Vegas)Family

How a Mexican Tariff Will Boost the Cost of 6 Common PurchasesFamily

This Free Software Brings Old Laptops Back to LifeMore

How to Protect Yourself From the ‘Can You Hear Me?’ Phone ScamFamily

Report: Walmart to Begin Selling CarsCars

Is Your TV Tracking You? Here’s How to Tell — and Prevent ItAround The House

Trump Scraps FHA Rate Cut — What Does It Mean for You?Borrow

Where to Sell Your Stuff for Top DollarAround The House

11 Staging Tips to Help You Get Top Dollar When Selling Your HomeAround The House

8 Tuition-Free U.S. CollegesCollege

10 Overlooked Expenses That Ruin Your BudgetFamily

4 Car Insurers That Might Raise Rates Even When the Accident Wasn’t Your FaultCars

How to Invest If Trump Kills the ‘Fiduciary Rule’Grow

20 Simple Hacks to Make Your Stuff Last LongerAround The House

12 Surprising Ways to Wreck Your Credit ScoreBorrow

Fidelity Investments has joined a small but growing group of employers that help workers pay down student loan debt.

Fidelity Investments has joined a small but growing group of employers that help workers pay down their student loan debt.

The financial services company formally announced this new employee benefit on Tuesday, along with its newly expanded maternity and parental leave program.

Fidelity’s Step Ahead Student Loan Assistance program, as it’s officially called, puts $2,000 toward eligible employees’ student loans each year, up to a total of $10,000. According to Tuesday’s announcement, the benefit is paid out via a third-party vendor,, in monthly payments sent to employees’ student loan providers.

The assistance program also provides employees access to online tools to help them better manage their student loan debt, Fidelity’s “Work/Life Programs” page states.

Jennifer Hanson, head of associate experience and benefits at Fidelity, notes in a press release that America’s student loan debt now totals well over $1 trillion. She goes on to explain:

“Our employees and their managers told us that student loan debt was forcing them to put off major life decisions like buying a home and having a child. As a financial services firm, this was really concerning to us and we felt that providing a benefit like student loan repayment assistance helps us to address a very real financial concern that is impacting our employees directly.”

The program is open to employees who’ve been on the job for at least six months and is not tied to retention. That means employees don’t have to pay the money back to Fidelity if they leave the company.

It launched in January, and nearly 5,000 employees started receiving the benefit in the first few weeks of the program.

CNN Money reports that other employers that offer student loan assistance to workers include financial services firm Natixis Global Asset Management and startup lenders CommonBond and LendEDU.

Fidelity also announced expansion of two other benefits:

  • Paid maternity leave has been boosted from six weeks to 16 weeks.
  • Parental leave has been expanded from two weeks to six weeks.

What do you make of this news? Do you think employee benefits like Fidelity’s student loan assistance program can put a dent in the national student debt load? Sound off in our Forums. It’s the place where you can speak your mind, explore topics in-depth, and post questions and get answers.

Stacy Johnson

It's not the usual blah, blah, blah

I know... every site you visit wants you to subscribe to their newsletter. But our news and advice is actually worth reading! For 25 years, I've been making people richer without making their eyes glaze over. You'll be glad you did. I guarantee it!


Read Next: 10 Guaranteed Ways to Retire Rich

Check Out Our Hottest Deals!

We're always adding new deals and coupons that'll save you big bucks. See the deals to the right and hundreds more in our Deals section.

Click here to explore 1,817 more deals!