Yasemin Sim Esmen writes in EBN that streaming media company Hulu is teaming up with student loan repayment provider Tuition.io to offer relief to its employees plagued by college debt obligations.
“Starting this summer, Hulu will pay up to $1,200 a year per employee to match their student loan payments, says Taunya Post, Hulu’s director of human resources operations.”
A growing problem
Esmen reports that “Americans now owe more than $1.52 trillion in student debt, versus $619.3 billion 10 years ago, according to data from the Federal Bank of St. Louis. Collegedata, a high education advisory site, reports that the average tuition is $34,740 at private colleges and $9,970 for public colleges. And tuition has grown 35% in the last decade, finds The Center on Budget and Policy Priorities.”
Editor’s Note: It should be pointed out that student loan repayment benefits are not considered tax-free by the IRS and are subject to income taxes.