The three-year-long temporary moratorium on student debt is coming to an end, and Adidas, a well-known sports clothing company, has stepped up to assist its staff in adjusting to this change.
The Student Loan Support Program, a program created to lessen the financial burden of student loans, was put into place by the corporation on June 6, according to a statement that had a significant impact.
Adidas Offers Financial Aid for Student Debt Management
Employees who qualify will get $1,200 annually to help them manage their student debt commitments under this program.
Adidas is aware of the importance of helping its employees during this crucial time because the start of student loan repayments can be difficult for many people.
The company seeks to lessen the financial burden endured by its workers and give them the financial support they need to manage this transformation with better peace of mind by offering financial aid through the Student Loan Support Program.
Adidas North America President Rupert Campbell stated in a statement that this is an exciting new program for our staff who indicated that assistance with student loan payments would be very beneficial to them.
Our teammates shouldn’t be hindered by the cost of their education, thus we are pleased to provide this perk.
Including both government and private loans, the total national student loan debt currently stands at $1.75 trillion. The typical borrower borrowed $28,950.
Read more: Supreme Court And Student Loan Forgiveness: Awaiting The Decision
CARES Act Provided Urgent Assistance to Americans
Furthermore, it typically takes the average borrower roughly 20 years to repay their obligations and the average student loan payment is $460 per month.
Americans received urgent assistance to counteract the financial burden brought on by the pandemic under the CARES Act.
This appeared to be student debt relief, scholarships for businesses, and stimulus cash.
Although it may not be widely known, the act mandates that businesses make tax-free annual contributions of up to $5,250 directly to the federal student loans of their employees.
Read more: Escape The Grip Of Student Loan: Actionable Approaches To Repaying $28,950 In 5 Years