The benefit will be paid directly to the loan servicer of certified student loans, but still count as income for employees.
PwC currently
"We're recruiting millennials - we want to recruit the best - and they're coming to us with higher debt burdens than ever before," Rob Gittings, vice chairman of PwC, told CBS News. Gittings also noted that the program could especially benefit minorities, who tend to exit college with more debt than white students. "We want to be seen as a firm that isn't afraid of taking on big issues."
The United States is currently facing a college debt crisis of $1.3 trillion in outstanding student loans across 40 million Americans.
"We have reached a tipping point," said Michael Fenlon, global talent director for PwC, viaThe Washington Post. "Student loan debt impacts the ability to save for retirement, so it has lots of secondary impact as well. We saw this as a way to provide leadership on a major societal issue, as well as something that's really important to our people."
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