Google, famous for the perks it offers employees , is now giving them the opportunity to pay off student loans.
Google employees are used to generous perks. In pre- pandemic, people at its offices could take advantage of free meals and on-site gyms. On Thursday, the company said it would offer another employee benefit: a program student loan repayment.
Specifically, Google said it will make up to $2,500 in student loan payments per year available to individual employees. The program will begin in January for full-time employees in the U.S.
Companies like Hulu and Estée Lauder also have student loan repayment benefits.
Google said the program will expand to full-time employees around the world as the company gathers information about its employees' debt in other countries.
“Given the size of student debt in the U.S., this is a crisis. We wanted to start there,” John Casey, Google’s head of global benefits, said of student loans in an interview.
Americans are saddled with more than $1.5 trillion in student loans, according to the Federal Reserve Bank of New York. Among recent U.S. graduates, the average per person is more than $30,000, says U.S. News and World Report.
Google's policy comes as companies begin to use student loan repayment plans to attract new talent and keep current employees happy.
The new perk could also be a way for Google to lure employees after a tumultuous few years dealing with conflicts. Google has faced unrest from its staff related to its work in China, military contracts and handling of sexual harassment allegations by senior executives.
