The average college grad enters the workforce with potentially crippling student loan debt of about $37,000*, which has led to a $1.57 trillion national crisis. New York Life's student loan repayment program for its employees helps to ease the financial burden of student loans that so many face. CNBC recently interviewed a New York Life employee about how the program will help her plan her financial future and achieve financial stability.

In 2017, New York Life partnered with Vault to reduce the financial burden of student loans for eligible employees. Through Vault Pay, New York Life contributes $170 monthly (over 5 years) towards student loans in good standing – which means employees can reduce their debt by up to $10,200 while enrolled. Through Vault Advisor, employees can access tools, resources, and personalized advice to determine the best repayment option for their student loans even if the employee is not eligible for repayment assistance.

Since the program began in 2017 it has changed the lives of many New York Life employees:

  • 1,377 employees enrolled in Vault Pay.
  • 2,671 employees enrolled in Vault Advisor.
  • $6,327,400 contributed by New York Life since 2017.
  • $2,158,660 New York Life has contributed in 2020.
  • More than 40 employees with paid-off loans.*
  • $36,296 average student loan debt of employees enrolled.
     

Read more about the benefit program here.

 

Source: Experian, Federal Reserve, EducationData.org.
*Employees may choose not to report to Vault when their loan repayment is finished; actual count may be higher.

 

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Media contact
Lacey Siegel
New York Life Insurance Company
(212) 576-7937
Lacey_S_Siegel@newyorklife.com

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