HARTFORD, Conn.--(BUSINESS WIRE)--The Hartford has announced a new student loan repayment program to help its employees pay down student debt. According to a recent study by Experian, student loan debt in the United States reached an all-time high in the first quarter of 2019 totaling $1.4 trillion, with an average student loan debt per borrower of $35,3591.
“The increasing cost of student debt continues to be a concern for the country and our employees,” said The Hartford’s Chief Human Resources Officer Marty Gervasi. “It is a financial burden that can cause a great deal of stress, and we want to help employees have more financial flexibility, enabling them to focus on their life and careers.”
Under the new program set to begin in early 2020, nearly 17,000 U.S. based employees will be eligible to receive a lifetime total of $10,000 toward their student loan debt. For participating employees, The Hartford will contribute funds to their loan providers directly each month.
The student loan repayment program is the newest feature in a broader benefits offering provided by The Hartford to help employees facing the student debt crisis. In July, the company launched a student loan counseling and refinancing benefit in partnership with Gradifi. For employees, as well as their relatives and friends, pursuing a college degree or with student debt, Gradifi can assist with setting savings goals, finding available scholarships and refinancing student loans through a select group of lenders. In addition, The Hartford offers tuition reimbursement for employees pursuing undergraduate and graduate degrees.
About The Hartford
The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. With more than 200 years of expertise, The Hartford is widely recognized for its service excellence, sustainability practices, trust and integrity. More information on the company and its financial performance is available at https://www.thehartford.com. Follow us on Twitter at www.twitter.com/TheHartford_PR.
The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Conn. For additional details, please read The Hartford’s legal notice.
Some of the statements in this release may be considered forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. We caution investors that these forward-looking statements are not guarantees of future performance, and actual results may differ materially. Investors should consider the important risks and uncertainties that may cause actual results to differ. These important risks and uncertainties include those discussed in our 2018 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. We assume no obligation to update this release, which speaks as of the date issued.
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