Selective Insurance Company has started offering a student loan repayment program to both employees and potential hires.
The program is being handled through Selective Insurance Company of America, the lead company in the group that forms Selective Insurance, and Gradifi, a student loan employee benefits provider. Executives initially made it available earlier this year to employees, and now Selective is using the benefit as a recruiting tool, too, according to a spokesperson.
How the Student Loan Repayment Assistance Program will work: Selective will make monthly $100 payments up to $6,000 toward student loan debt for eligible employees who obtained an undergraduate degree within the last five years. As well, student loan refinancing opportunities are available through Gradifi to help employees take advantage of dropping interest rates and alleviate the burden of student loan debt.
New Jersey-based Selective touted the new student loan repayment benefit as a game-changer that helps it stand apart from the pack along with benefits such as its Employee Stock Purchase program and the matching contributions it offers.
Selective Insurance Group is a holding company for 10 property/casualty insurers that, through independent agents, offers standard and specialty insurance for commercial and personal risks. It also offers flood insurance through the National Flood Insurance Program’s Write Your Own Program.
Source: Selective Insurance Group