NEW YORK — Landing a job with PwC just became even more exciting for recent college graduates.
Starting next year, the company will give each worker $1,200 annually to help pay down their student loans, for up to six years. All associates and senior associates — who typically range from entry-level workers to those with six years of experience — are eligible for the perk.
PwC hires a lot of recent grads, recruiting about 11,000 straight out of college campuses each year. Some of its existing perks already help attract Millennials, like opportunities to work abroad and flexible hours that aim to create a better work/life balance.
Loan repayment is a valuable benefit for those saddled with with student debt. But just 3% of companies offer the benefit, according to the Society for Human Resource Management. And less than 1% of employers surveyed this year said they plan to offer the perk within the next year. On average, they cover about $4,591 per worker.
The median loan balance for all student debtors was $14,400 in 2014. About two-thirds owe less than $25,000, according to the New York Federal Reserve Bank.