PURE Launches $100/Month Student Loan Assistance Benefit
White Plains-based insurer PURE has partnered with financial technology company CommonBond to add a student loan assistance program to its benefits package.
According to FRED Economic Data, over 44 million Americans hold nearly $5 trillion in student debt between them. With millennials now comprising about one-third of the US workforce, they’re one of the most impacted and debt-ridden populations. Upon graduation, the average student loan borrower is carrying around $37,200 in loans, which is enough for a down-payment on a home.
“CommonBond provides student loan repayment assistance. Through this new partnership, PURE Group will offer $100 a month in addition to an employee’s regular student loan repayment. Just like accelerating payments on a mortgage or a vehicle, this benefit has the effects of greatly reducing the term of the loan and the interest expense over time” – PURE Group’s Chief Human Resources Officer, Katherine Richardson.
As well as the $100 addition, PURE employees will also have access to the CommonBond for Business repayment evaluation platform, which includes an overview of income-based and loan forgiveness options, as well as customized recommendations for consolidating and refinancing private and federal loans. Those who are parents can use the solutions offered by the tech company to help plan and pay for their child’s undergraduate or graduate education.
The PURE Group has added this benefit to its growing list of offerings, such as flexible time off, which includes designated paid time off to volunteer, tuition reimbursements for career-related certifications and passion-related courses, and fitness discounts.
