Fareway to offer student loan benefit
Starting the first of the new year, Fareway Stores, Inc. will offer a benefit to full-time employees to assist with paying down their student loans.
The new program referred to as Fareway Fast Forward is intended to help alleviate financial stress associated with the repayment of student loans.
Eligible full-time employees may receive up to $100 per month towards their student loans. The benefit will be administered by a third party and payments will be made directly to the student loan company and applied to the principal balance of the loan.
“We are excited to provide this additional benefit to our employees,” said Fareway President/CEO Reynolds W. Cramer. “It will help reduce the financial stress of paying student loan debt and encourage employees to consider higher education who may not have previously due to its cost.”
The lifetime benefit for an employee is $5,000, or the equivalent of 50 months of payments.
To be eligible to participate in the program, an employee must have full-time status and complete a 45-day elimination period after becoming full-time.