The Choptank Student Loan Pay-Down program was first announced to its employees in 2017 and has become a popular perk among the millennial staff, which makes up a large portion of Choptank’s workforce. It is a benefit that few companies offer, although it seems to be gaining in popularity with many businesses.
Student loan debt is a major economic issue in our country. In many cases, college graduates may have to put off buying their first home indefinitely due to the student debt they are already carrying. This program helps pay off outstanding college loans by alleviating their debt more quickly. It is open to all employees that meet the required criteria.
Choptank had eleven employees take advantage of the benefit the first year. The following year, thirteen people were signed up. This year’s enrollment hit eighteen employees, three of whom were able to pay off their loans in full.
Tim Tedesco, one of the Choptank’s management team, explains what the program means to him. “Very few companies I have worked for provide a program this beneficial. I have been able to reduce the life of my loan by three years. I have been able to refinance and consolidate my loans to a manageable monthly payment.”
Another employee, Keirsa Buckingham, said, “This is my second year participating in the student loan paydown program. I think it is one of the best programs Choptank Transport has to offer. It lowers my stress level, knowing that I will not be paying student loans my entire life and that in the next couple of years, I will have my student loan completely paid off.”
Brooke Meade is grateful too. She is looking forward to an exciting future that many young people anticipate; buying a house. Meade said, “This program will help me pay down my student loan debt faster so that I can focus on the purchase of my first home.”
Forbes featured an article citing student loan repayment programs as one of the biggest draws for attracting new employees in 2017, with only 4% of companies offering such a benefit. Today it is still the exception rather than the rule when it comes to employee pluses, but as a recruiting tool, it has been a successful calling card.
For more information, visit our career’s page at www.choptanktransport.com/careers.