Jeanne D’Arc Credit Union Launches Student Loan Pay Down Program for Employees
Jeanne D’Arc Credit Union is proud to announce it has partnered with Gradifi to offer a Student Loan Pay Down Program to its employees.
Through the program, the Credit Union will make direct monthly payments of $125 to employees’ student loan accounts, paying up to $10,000 on each participant’s loan. Employees who work at the Credit Union full time for a minimum of six months are eligible to participate in the program.
According to the Federal Reserve, student loan borrowers owe a collective $1.5 trillion as of March 2018. In 2016, college graduates who had student loans owed an average of $32,731 with a monthly payment of nearly $400. Studies also indicate that the burden of student loans cause borrowers to hold off on other life events, such as purchasing a home, getting married or starting a family.
“Many of our dedicated employees have the obligation of paying student loans, and we understand the impact this may have on their financial lives,” said Mark S. Cochran, President and Chief Executive Officer of Jeanne D’Arc Credit Union. “Each day, we help our members work toward financial success, and our new Student Loan Pay Down Program allows us to do the same for our employees.”