Fidelity to Help Employees With Student Loans

What's Hot

How to Cut the Cable TV Cord in 2017Family

8 Major Freebies and Discounts You Get With Amazon PrimeSave

8 Creative Ways to Clear ClutterAround The House

Study: People Who Curse Are More HonestFamily

This Free Software Brings Old Laptops Back to LifeMore

Pay $2 and Get Unlimited Wendy’s Frosty Treats in 2017Family

The 3 Golden Rules of Lending to Friends and FamilyBorrow

6 Reasons Why Savers Are Sexier Than SpendersCredit & Debt

Resolutions 2017: Save More Money Using 5 Simple TricksCredit & Debt

Porta-Potties for Presidential Inauguration Cause a StinkFamily

Protecting Trump Will Cost Taxpayers $35 MillionFamily

7 New Year’s Resolutions to Make With Your KidsFamily

5 New Year’s Resolutions That Will Pay Off 10 Years From NowCollege

10 Tasty Alcohol-Free Drinks That Adults Will LoveFamily

10 Simple Money Moves to Make Before the New YearFamily

Could Your Pet Benefit From Marijuana-Laced Treats?Family

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 1,891 more deals!