New York Life launched a student loan repayment program offering up to $10,200 over five years for eligible employees, as well as student loan advice and online planning tools. 

Through the new benefit, employees who have taken out student loans for themselves will receive assistance to accelerate their student loan repayment plans. If they have taken a loan out for their child, they will receive counseling and advice to help guide them through the repayment process.

New York Life is making these benefits available to eligible employees on day one of their employment. Eligible workers include non-officer employees with student loans in New York Life Insurance Co., NYL Investors, New York Life Investment Management and Index IQ.

“Part of our commitment to the well-being of employees means offering benefits that address the real challenges they face,” Katherine O’Brien, senior vice president and chief human resources officer at New York Life, said in a statement. “Student loan debt can create significant obstacles when it comes to achieving other life milestones, such as buying a home or starting a family. We are delighted to offer this new benefit to help ease the financial burden of student loans and make life better for our employees.”

New York Life has partnered with Student Loan Genius, a student loan benefits provider, to offer its counseling and contribution services to employees. Through Student Loan Genius, employees will be receiving help via online tools, email and phone where live counselors offer personalized student loan guidance.

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