Hulu, an entertainment and original content company, is the latest company to offer a student loan repayment benefit for employees.
The entertainment company Hulu is the latest company that wants to help its employees pay off their student loan debt. Hulu is partnering with the student loan repayment company Tuition.io to provide these benefits.
This summer, the company will start offering each employee up to $1,200 a year to repay their student loan debt, Taunya Post, Hulu’s director of human resources operations, told Employee Benefit News.
Hulu bases their employee benefits off of the stages of life most of their employees are in. For instance, Post said that at one time, Hulu chose to increase their parent leave benefits “because we have a lot of team members in their ‘baby years.’”
After realizing that up to 20 percent of employees could benefit, the company decided to offer student loan repayment benefits. So far, 12 percent of employees have signed up and most pay an average of $300 a month toward their student loans.
Applicants need to have at least a bachelor’s degree to apply for most positions at Hulu. Post thinks this new benefit will help Hulu attract more qualified candidates. Tuition.io will oversee the plan for Hulu and provide a platform to make it happen.
Why Are Employer Student Loan Benefits Catching On?
Understandably, student loan debt is a concern that impacts nearly every area of a borrower’s life, including where they work. Studies have also found that having student loan debt leads borrowers to delay buying a home, according to The Student Loan Report.
This is why companies are becoming more invested in helping employees repay their student loan debt. In fact, many big-name companies are beginning to offer student loan repayment benefits including MidWestOne, Fidelity, PricewaterhouseCoopers (PwC), and Aetna. Tuition.io was founded in 2011 and has quickly grown to attract a number of high profile clients.
For borrowers who are interested in participating in a student loan repayment program, it’s important to research any opportunity first to see what’s offered. Find someone who can explain the benefits of the program and, if possible, talk to someone who participated in the program themselves to get an idea of what to expect.
If your employer doesn’t offer this benefit, it can’t hurt to ask them to add that benefit. In such cases, Fastweb suggested asking your company to include this perk either when you’re negotiating your salary or before you re-enroll in benefits for the year.