NEW YORK--(BUSINESS WIRE)--American borrowers currently bear nearly $1.5 trillion in student debt. As paying off those loans has become a significant burden for both new graduates and older workers, many companies are seeking innovative ways to help their employees manage their student debt.
Crystal & Company - a leading national insurance brokerage firm - announces a new student loan repayment program that will significantly alleviate student debt for the company’s 450 employees that have outstanding student loans.
The program, offered through Gradifi, provides all Crystal & Company employees with up to $10,000 to repay student debt. The firm will be contributing $100 per month directly towards each employee’s student loans this year and will be increasing the monthly payment by $25 each subsequent year. The unique benefit will enable employees to pay off their debt sooner and reduce total interest by potentially thousands of dollars.
With average student debt per borrower expected to be more than $38,000 this year, Crystal is also offering the new repayment program to its employee benefits clients.
“I’ve seen firsthand the strain student debt can have on finances, which is why I was excited to take advantage of this program to help me pay back my student loans,” said Paige St. Clair, an Associate Account Executive in Crystal & Company’s Financial Institutions Group. “Many of my peers in the industry don’t have access to a program like this, so I’m thankful that I do and am already seeing the benefits now and long-term for easing this financial burden.”
“We’re always looking for ways to provide compelling and unique benefits programs, not only for our clients but also our own employees,” said David Ingrassia, Senior Vice President, Human Resources & Administration at Crystal & Company. “Student loan debt is obviously a burden for a lot of people and we see repayment programs like this as a growing benefit that more companies will likely start offering in the coming years. We’re excited to be offering this benefit to ease the financial stress of student loans for our employees.”
About Crystal & Company
Crystal & Company is the home for talented insurance professionals: creative, committed to their clients and driven to deliver extraordinary results. The company drives the strategy and execution behind insurance and employee benefits programs for businesses that want to be smart about risk. Crystal & Company is the insurance brokerage of choice for leading financial institutions, corporations, and nonprofit organizations.
Headquartered in New York City, the firm has 11 regional offices throughout the United States and is an equity owner of Brokerslink, a global broking company with members in more than 95 countries around the world. Visit www.crystalco.com.