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 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 MD, wrote almost a dozen checks to employees for college loan repayments recently, amounting to more than $16,000 in total. The program was announced earlier in 2017. Applications became available in May, and recipients were notified in June of their eligibility for the program.
“Education and training are a top priority at Choptank,” said Geoff Turner, president and CEO. “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 them to throw a little extra toward their 401Ks or by helping them avoid additional and unnecessary credit card debt.
Choptank is an equal-opportunity employer and is actively hiring for sales and logistics professionals in its Preston headquarters as well as its Tampa FL, Dallas TX, Denver CO and Atlanta GA regional office locations.
Go to www.choptanktransport.com/careers for more information.