Withum grants $95K to assist employees with student loans repayment 

Top 25 firm Withum awarded $95,000 in grant funding through the Thomas R. Suarez Student Loan Grant program to help its employees pay off their student loans. 

In 2021, Withum instituted the Thomas R. Suarez Student Loan Grant in honor of a past partner-in-charge at the Princeton office. Suarez had been working at the firm since he graduated from college in 1976 and unexpectedly passed away in 2020, shortly before his retirement. 

According to Theresa Richardson, Withum's chief talent officer, Suarez wanted recent graduates to navigate their first job without the financial burden of student loans and to achieve their professional goals in a welcoming environment. To date, Withum has awarded nearly $200,000 to Withum members through the initiative.

"The last thing young professionals need is to have more stress about money, and if we can help eliminate that, it truly is a win-win for everyone," said Richardson. "We always say that life should come before work, and we want to release some of the pressure they're feeling. When they first come to the firm, students already have so much to learn about the world and the industry, and they should have the opportunity to focus on their families as well."

Around July, the company sent an email to its 2,000 employees and offered team members the opportunity to apply for a renewable $5,000 grant to help reduce their debt. HR administrator Julia Zottman, a close friend of Suarez, receives the applications and transfers them to the Withum committee. Candidates need to write a brief essay explaining how the grant would help them financially, and all names remain hidden to guarantee objectivity.

Courtesy of WithumSmith+Brown

According to a 2021 Education Data Initiative report, the average student loan debt for accounting students is around $23,000 for a bachelor's degree and $28,000 for a master's.   But according to Sherry Goode, one of this year's recipients, the grant extends beyond financial assistance. Currently working as a lead consultant on digital and technology transformation advisory services at Withum's Washington, D.C., office, Goode said she sees the grant as an extension of Withum's family culture along with its core values, often referred to as The Withum Way. 

"Our Student Loan Grant program is a unique benefit to Withum and certainly one within the accounting profession," said Bill Hagaman, Withum's managing partner and CEO, in a statement. "We recognize that our people work hard to get degrees in accounting and advisory roles, which then require additional certifications and credentials, such as taking the CPA exam, becoming Microsoft Certified Professionals or (ISC)², to further their career path." 

With a $10,000 grant, Grace Hounsou is one of the other 16 team members who benefited from the student loan aid. She graduated from McDaniels College in Maryland with $60,000 in debt, but with the help of Withum, and if she also qualifies for President Joe Biden's student loan forgiveness program, Hounsou will end the year debt-free. After paying $600 per month for the past four years and dedicating "every last cent" to her student loans, Hounsou is impatient to switch her attention to her mortgage and savings. 

Hounsou had her share of pain in her life: she lost her mother at a young age, and with her father currently incarcerated, she had to make her own way toward success. Hounsou explains she was lucky to find a well-paying job straight out of college as a tax accountant and benefit from a supportive team at Withum, and she says she owes it all to higher education. Therefore, Hounsou wants to start her debt-free life by setting up a savings account for her future children, so they'll be able to go to college without struggling as much as she did. 

"Without this grant and the Biden forgiveness program, it would have taken me years to reimburse my debts, and those are years that I am getting back," said Hounsou. "I felt that my first job wasn't very team-oriented but, as soon as I got here, I felt very connected to my colleagues. Withum is really trying its best to keep us in the loop, with weekly team meetings and quarterly reunions with the entire firm to tell us how the company is doing. It feels very good to be heard, and to feel like everyone belongs."

It's not the first time the national accounting and advisory firm has offered unique benefits to its staff. Withum offers a shadow stock program for team members to share in the success of the firm and a tuition reimbursement package for anyone looking to return to school to expand their expertise and career development. Nearly 10 years ago, the firm also created a company-sponsored Team Member Hardship Relief Fund to support employees who experienced unforeseen financial hardships because of Hurricane Sandy. 

In 2021, Withum announced the industry's first Childcare Reimbursement Expense Program, which reimburses 25% of eligible annual childcare costs for employees. Richardson says the program was born out of the pandemic because Withum's leadership knew how difficult it was for single parents to find an acceptable work-life balance. To continue with those efforts, the firm has embraced flexible work arrangements and provides additional fitness, wellness and mental health incentives for all team members. 

"I have been here for 25 years and Withum always put the people first, because they truly believe human capital is their number one asset," said Richardson. "Whenever we do a survey, the No. 1 thing that comes back is our culture, and our workplace atmosphere is also what we market to applicants. We are very proud to value hard work, compassion and family, and I think that's the heart of everything we do."