In a story Nov. 14 about companies’ student loan repayment help, The Associated Press — in an article supplied by the personal finance website NerdWallet — reported erroneously what Raytheon employees can receive through the program. The program does not allow employees to use the company match to pay off student debt. Instead Raytheon will provide an annual 401(k) contribution equal to how much an employee spends repaying student loans, up to the maximum 401(k) match percentage.
A corrected version of the story is below:
These employers chip in on your student loans
These employers are among the small percentage of companies offering student loan repayment help as an employee benefit via direct loan payments or other monetary assistance
By RYAN LANE of NerdWallet
Trilogy Health Services, a Louisville, Kentucky-based operator of senior living facilities, has paid $100 a month toward each eligible worker’s student loans over the past four years. Its total outlay: roughly $3 million.
That money has made a big difference for Trilogy’s nurses, therapists and staff, says Todd Schmiedeler , the company’s senior vice president of foundation and workforce development.
“The number of hugs I get around student loan repayment is unbelievable,” Schmiedeler says.