Americans collectively owe nearly $1.5 trillion in student loans — more than twice the total a decade ago. Fidelity developed the program after a number of employees — who were well-versed in budgeting and planning for financial goals — told CEO Abigail Johnson that they were having trouble doing the
Americans collectively owe nearly $1.5 trillion in student loans — more than twice the total a decade ago. It's a burden that weighs on millions of adults, shaping their life choices and often stunting their financial growth.
In 2016-2017, almost 60% of people who graduated with a bachelor's degree took on debt and the average amount among that group was $28,500, according to The College Board. For some who seek advanced degrees, the borrowing can grow to $100,000 or more. Hamilton, currently a Fidelity relationship manager at an investor center in Naples, Florida, makes a regular monthly payment of $184 and Fidelity makes a $167 contribution. To date, the company has contributed almost $7,400 to help pay down her balance.
Streaming service Hulu launched a student loan assistance program last year that includes monthly payments to a lender, as well as resources to help students find the most efficient way to pay off their loans. Fidelity now even offers a variety of student debt assistance repayment programs to clients, catered to their needs.
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