Live Nation is another company that has been added to the growing list of companies offering to help pay down student debt as an employee perk.
“Two years ago, no one heard about companies doing this. Now it’s remarkable all the inbound requests we get for more information and demos. It’s a space that’s become white hot.” says Tuition.io CEO Scott Thompson.
Companies using Tuition.io allow the company to automatically directs payments to the lender.
With the current student debt amounting to $1.4 trillion nationwide, companies offering to help employees pay off their loans is another way of attracting Millennials to their companies.
“A lot of companies do cool stuff like free lunches or bring your parents to work day, which are all great. But we want to make sure we’re doing things that are substantive.” says Nadia Rawlinson, Chief Human Resource Officer for Live Nation Entertainment.
Live Nation is matching employee contributions of up to $100 monthly, or $1,200 a year, up to $6,000. The average personal student debt is $35,000, so the Live Nation employees would still have debt left over to handle, but even after the match, their employer would help erase around $12,000.
There are still only about 3% of corporate American companies assisting employees with paying off student loans. However, according to Rawlinson, “it’s new, it’s innovative and it gets out at helping employees realize their life goals, not just professional goals.”