NEWARK, N.J.--(BUSINESS WIRE)--Prudential Financial will give new employees hired through campus recruiting program up to a $5,000 incentive to help pay off student debt, the company announced today. Campus recruits who join Prudential after Jan. 1, 2017, will be eligible for this new incentive after one year of service.
“We know that student loan debt has become a tremendous burden for millennial talent,” said Sekhar Ramaswamy, chief talent officer for Prudential. “The student loan payment is an additional attraction tool to bring top campus hires to Prudential.”
Student debt continues to grow
Federal student debt has ballooned to more than $1.2 trillion, with private debt adding another $150 billion, according to American Student Assistance. Debt’s climbing, not only because tuition costs have risen, but because more students need loans to afford an education. In 2015, 71 percent of students graduated with student loan debt, compared to 54 percent 20 years earlier, according to a recent Prudential paper outlining options to pay off student debt.
Prudential joins a growing number of companies offering workplace loan assistance as an incentive. Each year, Prudential partners with top colleges, universities and MBA programs across the U.S. to recruit students, helping many of them to launch careers in finance, investment management, technology, marketing and other fields.
“We are in the business of helping our customers secure their financial futures,” Ramaswamy said. “Giving recent college graduates a head start in paying off student debt demonstrates our commitment to investing in our newest employees.”
Prudential Financial, Inc. (NYSE:PRU), a financial services leader, has operations in the United States, Asia, Europe and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/