With all the might it can muster, Google is coming to the rescue of student loan holders by introducing a student loan repayment program for all Google employees in the U.S. Starting in 2021, Google says it will match up to $2,500 in student loan payments per Googler per year.
The company’s white hat approach is certainly a welcome refrain. Americans face an enormous student loan deficit of $1.5 trillion dollars -- twice what it was 10 years ago.
Both the White House and Education Secretary Betsy DeVos have stonewalled virtually all attempts to create some relief, not only during the pandemic but for students who were defrauded by for-profit institutions and are still accountable for repaying their loans. DeVos’ department even gets a paltry 1-star rating from ConsumerAffairs reviewers -- one going so far as to call them “legalized loan sharks.”
Helping save money for life essentials
While Google can’t erase a student loan completely, it feels that $2,500 a year can help people pay their loans off quicker. That might give consumers a better opportunity to purchase a home, start a family, or invest in a 401(k).
“Lack of financial resources should not prevent someone from accessing the opportunities that come with education,” John Casey, the Director of Global Benefit at Global wrote in the company’s announcement.
“Change starts at home. We’re hoping this student loan repayment program gives our workforce some relief from student loans and helps them build more financial stability over the long term. And we’ll keep looking for more ways to increase access to education and opportunity for everyone.”
The new loan repayment program is one more component in the attention Google has recently started offering students. In July, it rolled out Google Career Certificates, a way for Americans to qualify for high-paying, high-growth jobs with no college degree required.