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FCA is refinancing employees’ student loans

by David Zatz on

If you work for FCA US, the company will help you to refinance your student loans—if you’re salaried, at least. The new program comes via outside provider CommonBond, and is valid for employees’ standard student loans and any Parent PLUS loans they took out for their kids.

Refinancing is swapping out older loans for new ones, at lower interest rates. CommonBond also “funds the education of a child in need” with each refinancing deal. The program lets FCA provide a benefit to employees at little cost; it’s also part of a “financial fitness” program which gives employees financial tools.

Chrysler Group was the first U.S. automaker to offer domestic partner benefits back in 2000; last July, FCA US was the first domestic automaker to dedicated a near-site health and wellness center for employees (near Kokomo and Tipton, Indiana, home of several transmission and stamping plants).  Today, FCA US benefits include  tuition reimbursement, health, exercise, and wellness opportunities, paid time off for volunteer activities, car discounts, and pet insurance.

Student loan debt surpassed $1.5 trillion in the United States in 2018; the average college graduate has over $37,000 in debt when they start their first job.

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