Move over, ping pong tables and free lunch — student debt assistance is the hot new perk in town. According to USA Today, Live Nation Entertainment is the latest in a growing number of companies offering to pay off employees’ student debt.
Live Nation Entertainment has partnered with Tuition.io, a student debt assistance startup, to match employees’ student loan payments up to $100 monthly, or $1,200 a year, until reaching a maximum of $6,000. Any of Live Nation’s 9,000+ employees who have been at the company for at least six months are eligible for this perk.
[Related: Top 20 Employee Benefits & Perks]
As tuition and other costs associated with higher education have steadily crept up over the years, the average student debt is now about $35,000 — a cost that takes an average of 21 years to pay off. Employees at Live Nation who take full advantage of this program, however, can put a significant dent in that figure by reducing their debt up to $12,000 under the current terms.
With only 3 percent of corporate organizations offering student debt assistance, this benefit is still in its infancy. However, it’s expected to become more commonplace.
“It’s new, it’s innovative and it gets out at helping employees realize their life goals, not just professional goals,” said Live Nation Chief Human Resources Officer Nadia Rawlinson.
[Related: 4 Steps to Visualize Your Career Goals]
Want to join an exciting, creative entertainment company all while reducing your student debt? Find open Live Nation jobs here, and make sure to check out some of these other companies offering student debt assistance: