City of Memphis employees will now be able to receive monthly contributions toward their student loans, as today the City announced the launching of its Student Loan Reduction Program.
Memphis will be the first city in the country to offer this type of benefit, which beginning July 1, will give eligible Memphis city workers a monthly contribution of $50 toward their principal loan repayments.
In 2016, student loan debt grew by a little more than 3 percent nationally, while in Memphis that number grew by nearly 5 percent.
City officials say that while the program is aimed at help city employees retire their debt faster, the City hopes to build and retain an engaged workforce.
“We are proud to be the first municipality in the country to offer this kind of student debt assistance to our workforce,” the City’s chief human resources officer, Alex Smith said. “We view this an important investment in our employees.”
