January 18, 2017
PUBLISHED BY Jefferson Graham
SOURCE USA Today
LOS ANGELES — Add Live Nation and its nearly 9,000 employees to the growing list of companies offering to help pay down student debt as an employee perk.
Live Nation Entertainment is working with tech startup Tuition.io (tuition I owe, get it?) to administer the program, which Tuition.io also does for Staples, Fidelity Investments and Hewlett-Packard.
“Two years ago, no one heard about companies doing this,” says Tuition.io CEO Scott Thompson. “Now it’s remarkable all the inbound requests we get for more information and demos. It’s a space that’s become white hot.”
With Santa Monica-based Tuition.io, the company automatically directs payments to the lender.
With student debt amounting to $1.4 trillion, helping students pay off their loans is just good business in helping attract Millennials to firms, says Nadia Rawlinson, Chief Human Resource Officer for Live Nation Entertainment, a major concert promoter and ticket seller.
“A lot of companies do cool stuff like free lunches or bring your parents to work day, which are all great,” she says, “But we want to make sure we’re doing things that are substantive.”
Live Nation is matching employee contributions of up to $100 monthly, or $1,200 a year, up to $6,000. (Employees who have been with the firm for at least 6 months qualify.)
Firms choose different amounts to pay. Fidelity, for instance, will match up to $2,000 per year, up to $10,000 total, the same as health care giant Aetna.
Read the full post on USA Today here.