Growing student debt is one of America's largest concerns. Forbes calls it a crisis, citing a crushing $1.3 trillion burden. It takes second place in consumer debt only to mortgage debt and is squeezing more than 44 million borrowers.
Tuition reimbursement programs are nothing new for employers, but very few offer existing debt pay-down programs. Only 3% of employers nationwide offered pay-down programs in 2016, according to a 2016 Society of Human Resource Management study.
Choptank Transport, a nationwide, third-party logistics company headquartered in Preston, Maryland, wrote almost a dozen checks to employees for college loan re-payments this week, amounting to more than $16,000 in total. The program was announced earlier in the year, creating a huge buzz in our Preston office as well as our 4 other regional locations. Applications became available in May and recipients were notified in June of their eligibility into the program.
President and CEO, Geoff Turner, explained, "Education and training are a top priority at Choptank. We encourage employees who have made an effort to improve themselves, both professionally and personally. If you invest in your people, they will invest in you, and being able to lessen the financial burden on these individuals shows how much we value them."
Programs like Choptank's are becoming increasingly popular as a powerful recruitment and retention tool for employers. The benefits to employees are many, such as allowing those to throw a little extra towards their 401Ks or by helping them avoid additional and unnecessary credit card debt.
Choptank Transport is an equal-opportunity employer and is actively hiring for sales and logistics professionals in its Preston, Maryland headquarters as well as its Tampa, Dallas, Denver and Atlanta regional office locations. For more information, go to www.choptanktransport.com/careers.