Tuition.io, the leading platform for employee student loan contributions, today announced its student loan repayment assistance program has been implemented by Carhartt, America's premium workwear brand since 1889. This new employee benefit will help Carhartt employees more quickly pay off burdensome student loan debt.
The benefit will allow participating Carhartt employees to receive monthly contributions to help pay down the principal of their student loans. Eligible full-time and part-time employees will receive contributions of $50 per month with a lifetime maximum of $10,000.
"For a company that has such a deeply-rooted history, it's impressive to see Carhartt implementing innovative ways to operate its business, and with this benefit, create value for its employees," said Scott Thompson, CEO of Tuition.io.
The national student loan debt totals nearly $1.5 trillion, and Michigan currently ranks 13th among states with the most student debt in the nation. The average student loan debt for Michigan's graduates is $30,852.
"At Carhartt, we support our associates' efforts to further their education. So for those associates who are thinking about going back to school, and for those who have already completed their college education, it's important for us to provide payment assistance on their student loans," said Jennifer Piscopink, senior vice president of human resources at Carhartt. "Working with Tuition.io is a great way for us to recognize our associates' hard work and loyalty. We think this benefit will make a meaningful impact."
The program is now available to full-time and part-time employees who have been with the company for at least 30 (non-union) or 90 (union) days. Carhartt is using Tuition.io's technology to coordinate payments directly to the employees' student loan service providers.
Tuition.io is the nation's leading employee benefit platform empowering employers to better attract, retain and engage their next generation of talent who are saddled with stifling student debt, by helping their employees reduce and better manage their student loan burden. Tuition.io works with companies of all sizes, from Fortune 500 companies such as Live Nation, Staples and Estée Lauder Companies, to startups including ChowNow and Chegg, as well as public entities such as the City of Memphis. Tuition.io is on a mission to provide an impactful solution for employers and employees across the country. For more information, visit www.tuition.io or follow us at @Tuitionio.
About Carhartt, Inc.
Established in 1889, Carhartt is a global premium workwear brand with a rich heritage of developing rugged products for workers on and off the job. Headquartered in Dearborn, Michigan, with more than 4,700 associates worldwide, Carhartt is family-owned and managed by the descendants of the company's founder, Hamilton Carhartt. For more information, visit www.carhartt.com and follow @Carhartt on Twitter.
SOURCE Tuition.io Press Release