Google will start giving employees up to $2,500 a year to help pay off their student loan debt
Beginning in 2021, Google will match up to $2,500 in loan payments per employee each year, beginning with US employees and expanding to its global workforce in the future., the program will only be available to full-time employees, not contractors or temporary workers.
Google said the goal of the program is to help employees pay off their loans more quickly so they can save for retirement, start a family, or buy a home. As Google noted in its blog post, the burden of high student loan debt is more prevalent in the US than in other countries. Total student loan debt in the US has
, with people from marginalized groups typically taking on more student loan debt than other borrowers., who are more likely to have to take out loans, owe more upon graduation, and earn less than their white peers after graduating, making it hard to pay the loans off.
The new program is one of a few new benefits Google has added over the last six months as employees continue working from home. While Google is known for its generous employee perks, like onsite wellness services, free snacks, and financial advisers, it's had to add new benefits to support a remote workforce. In April, Google added eight extra week to its carers leave policy, which now allows employees to take up to 14 weeks a year to care for family members.
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