The three-year long student loan pause is coming to an end and Adidas is committing to helping its employees adjust to the change.
On June 6, the sports apparel brand announced that full-time employees will receive $1,200 per year by way of its Student Loan Support Program. Employees can apply for assistance after one year of being employed there.
“This is an exciting new program for our people who said that student loan support would significantly help them,” Rupert Campbell, president of Adidas North America, said in a statement. “Paying for education should not hold our teammates back so we are happy to support them with this benefit.”
Right now, the national total student loan debt (including federal and private loans) sits at $1.75 trillion. The average borrower took out $28,950.What’s more, the average student loan payment is $460 per month, and it usually takes the average borrower about 20 years to pay off their debts.
Through the CARES Act, Americans were given immediate aid to offset the economic hardship caused by the pandemic. This looked like stimulus checks, grants for businesses and student debt assistance. Although it may little known, within the act, it state that employers are to make up to $5,250 in tax-free annual payments directly to their employees’ federal student loans.