Borrowers on $1.4 trillion student debt may benefit from new Fidelity program

Personal Finance

For recent graduates, their student loan debt may very well shape their choice job, career path and employer.

Over the last decade, college-loan balances in the United States have jumped to an all-time high of $1.4 trillion, according to a recent report by Experian. The average outstanding balance is $34,144, up 62 percent over the last 10 years.

Now, more employers are betting that student loan repayment programs will attract young, top talent burdened by all that debt.

To that end, Fidelity Investments announced Thursday it is introducing a Student Debt Employer Contribution program, which will let employers make after-tax contributions toward participants’ loans. The program, aimed at lessening the burden of student loan debt and increasing recruitment and retention, will begin later this year.

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