Suffolk Construction Launches Student-Loan Repayment Program to Reduce Employees’ Financial Stress
Suffolk Construction, a Council member, introduced a new benefits program this month that allows eligible employees to receive monthly contributions toward outstanding student loans. This effort is aimed at not only reducing the financial stress felt by employees, but also at helping them focus on long-term career growth.
In 2017, college seniors in the U.S. owed on average $28,650 in student loans, with 65 percent of them having received loans. Under Suffolk Construction’s new program, employees who are paying federal or private loans from a U.S. lender, borrowed for the financing of higher-education at an accredited institution, will receive a $100 per month contribution toward their loan payments. Suffolk Construction will make this possible by working with a Boston-based student loan repayment company, Gradifi.
Suffolk President and CEO John Fish stated “I’m a big believer in education – it means everything to me. But the truth is, more and more people are finding education to be a financial burden rather than a ticket to a successful life. My hope is that people see this student loan repayment benefit as an opportunity to focus less on the cost of education and more on the exciting future that education, and our industry, can offer.”
The New England Council commends Suffolk Construction for its innovative approach in addressing the student debt crisis and its commitment to enhancing employee welfare.