Foley Introduces Student Loan Repayment Program

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May 20, 2016, 09:05 ET

HARTFORD, Conn., May 20, 2016 /PRNewswire/ -- Recognizing the growing burden of debt on recent college graduates, Foley has taken steps to help their employees by establishing a new student loan repayment program. "Our research shows that only three percent of organizations are offering a similar program to their employees," Chief Financial Officer Mary Henry said. "It is our hope that this program will help us attract and retain top talent – as well as enhance our employees' overall quality of life."

Foley's new student loan repayment program will help employees reduce their student debt. Only 3% of U.S. companies currently offer student loan repayment as an employee benefit.

The program, which is available to both future and current employees, will contribute $1,000 annually towards an employee's student loan from an accredited provider. "We'll continue to deposit $1,000 a year towards an employee's student loan debt for the entire length of time they're employed with us," Chief Executive Officer Joel Sitak said. "My hope is that this program demonstrates both our financial and emotional commitment to our employees as they join the workforce."

The idea for the program came during management team discussions over how to attract great talent to the company, Henry said. "We thought about increasing education around our strongest benefits, such as our 401(k) match, but one member of our team pointed out something important: how can a potential employee get excited about saving for their retirement when they're drowning in debt?"

"We've listened to our employees talk about their own student loan debt, so we started looking at ways we could help them manage that burden," she said. "After some research, we felt this program would be an effective way to help employees towards the goal of becoming debt free."

About Foley

For over two decades, Foley has been a leading provider of compliance, financial and insurance services for the transportation and employment industries. From pre-employment background screens to our DOT-compliant drug and alcohol program, we provide motor carriers, business owners and HR professionals with the services they need to drive their businesses forward.

Foley is located in the historic Colt Armory in Hartford, CT – a city landmark that was recently designated as a National Historic Park. It is currently the only national park in Connecticut. To learn more about a career with Foley, please visit www.foleyservices.com/careers or call (860) 815-0776.

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