Student loan debt is a challenge gripping the nation with $1.5 trillion in debt, transcending all generations, with statistics showing that nearly one-third of borrowers are over the age of 40.
In response to this troubling trend, NBT Bank has launched its own Student Loan Repayment Program for its full-time employees to help them reduce the outstanding balance on qualifying student loans.
The program is part of the company’s financial wellness initiatives.
“Student loan debt is an issue impacting so many of today’s professionals, yet about 8% of companies offer assistance for their employees,” said Catherine Scarlett, NBT’s chief human resources and ethics officer. “NBT Bank is proud to be out in front of this challenge, in offering our own Student Loan Repayment program to help alleviate this burden on our employees.”
The program offers contributions in the amount of $100 per month to the qualifying loans of full-time employees for up to 60 months.
The company has also reevaluated and updated several other employee benefits, including a new paid family leave policy that will provide mothers and fathers paid time off at 100 percent of pay following a birth, adoption or foster placement. This benefit is over and above other paid time off.
“When we say that we are a family-friendly company that believes in a healthy work-life balance, we mean it,” said Scarlett. “These policies reflect our commitment to ensuring that NBT Bank remains an employer of choice, able to recruit and retain the best talent.”
For more information about careers at NBT Bank, visit www.nbtbank.com/Careers.
