Our People

Supporting you: Student loan benefits at New York Life.

New York Life | August 10, 2022

After a three-year pause, student loan repayment resumed on October 1, 2023. 

Student debt can be a real burden. The average graduate arrives to their first job with about $37,000 of student loans to repay, and the monthly payments can really eat into your paycheck¹. The pressure of debt can also have negative mental health consequences, including stress and anxiety.

At New York Life, we support our employees in managing their student loan repayment and, with our benefits packages, we hope to make a real-world difference for them.

Don’t take our word for it

Caitlyn Gary is a senior associate at New York Life who has taken advantage of the Student Loan Payment Program. Here’s what she has to say:

I started working at New York Life in 2015 and I was working here for two years when this benefit was introduced. I was very excited to learn about the program and enrolled in the program right away. I had never heard of a company providing student loan support at the time this benefit was introduced; In my opinion, New York Life was definitely a pioneer in this space.

In this time, I have also taken advantage of the tuition reimbursement program to get my master’s degree from Villanova. The EdAssist program was also very helpful in providing me with all the guidance I needed to feel prepared in pursuing my graduate degree and helping me set up the tuition reimbursement. Participating in these two programs allowed me to pay for my master’s without taking out any additional loans.

Currently, I am on track to have all my loans paid off within the year, well ahead of schedule. Without this program, I would not be in the position I am today, and probably would not have pursued my graduate degree at this point. I would not have been able to get my master’s without taking on additional loans.  

I am truly grateful to work for New York Life, which has enabled both my financial and professional success by offering financial support for my education.  

What else do I need to know?

Our support falls into two categories:

• Financial
  • For all eligible employees, our student loan repayment program can help you speed up paying off your student loans. How? By making a monthly contribution of up to $170 dollars towards your student debt. We’ll make these payments for up to five years, which means you could see a $10,000 reduction in your student loan.
• Advisory
  • And, for all employees, we also provide access to the EdAssist program which offers online tools and resources designed to help you consider and formulate student loan repayment plans that suit your financial needs.

Tell me more

Since we launched the program in 2017, New York Life has partnered with Vault to make all financial and advisory services as smooth as possible. Vault is a company that aims to help tackle the challenges of student loan repayment. All employees using the program have access to financial assistance from professional Vault advisors.

So far, New York Life has contributed nearly $12.4 million towards our employees’ student loans, with 2,460 employees enrolled in the program since it began.

Plus, we haven’t forgotten about your family’s finances. New York Life employees are family-oriented, and we know that being a parent comes with a lot of financial pressure, especially when it comes to thinking about student debt. To help, we also offer specific advice and support for parents and families with college on the horizon.

One last thing

Do you want to return to school? Learn a new skill? Develop your professional skills? New York life employees can also benefit from our tuition reimbursement program, which has helped hundreds of employees enroll in undergraduate, graduate, or independent study courses by providing financial support around the cost of tuition.

We are committed to the ongoing professional and personal development of our people. So, we’re here to help facilitate further education when the time is right. 

New York Life has a history of investing in the financial well-being and stability of our employees. Our employee benefits are designed to provide the maximum support in the areas needed most.

¹ ‘Student Loan Debt Statistics’, Credit Summit, 2022. https://www.mycreditsummit.com/student-loan-debt-statistics/

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