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New Benefit Lets Employees Trade PTO for Student Loan Relief

February 07, 2019 / Stephen Miller

Employers continue to roll out new ways to provide workers with student debt relief. Insurance firm Unum, for instance, announced in January that it will let employees exchange accrued but unused paid time off (PTO) for payments against their student loans. "This innovative solution gives U.S. employees a choice to use their benefits in ways that work best for them," stated Carl Gagnon, Unum's assistant vice president of global financial well-being and retirement programs. The option will be available to any of Unum's U.S. employees who have student debt, including parents who have taken out loans for their children. Employers are "finding creative solutions for people to tackle this challenging issue," said Ashwini Srikantiah, vice president for student debt programs at Fidelity Investments, which is managing Unum's student debt relief program. Starting their first year at Unum, full-time employees receive 28 days of PTO, including holida...