Google is chipping in to help pay off US workers’ student loans. Starting in 2021, the company will match up to $2,500 per employee per year in the US.
“Though student loan debt is an issue globally, Americans in particular face an enormous student loan deficit—$1.5 trillion dollars, twice what it was a decade ago,” John Casey, director of global benefits at Google, wrote in a blog announcement. “This burden disproportionately affects women and communities of color.”
On average, Black college graduates carry $25,000 more in student debt than white grads four years after completing a bachelor’s degree, according to a 2016 study by the Brookings Institution. In 2019, the non-profit College Board released similar figures, highlighting a huge disparity between Black students and their white, Hispanic, and Asian counterparts.
“Lack of financial resources should not prevent someone from accessing the opportunities that come with education,” Casey said. “For a long time, we’ve worked to increase access to education and help people get the skills they need to advance their careers and attain economic stability to better support themselves and their families.”
Google’s student loan repayment program is the latest in a long line of employee perks, including free food, on-site healthcare, and an open invitation to bring pets to work. It currently applies only to full-time workers in the US, with plans to expand globally “over time.”
“Change starts at home,” the blog post said. “We’re hoping this student loan repayment program gives our workforce some relief from student loans and helps them build more financial stability over the long term. And we’ll keep looking for more ways to increase access to education and opportunity for everyone.”
The firm is also working with vendor and staffing partners in the US to provide a base level of educational benefits to those involved in Google-related projects, beginning next year.
