City to help pay off employees’ student loans

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MEMPHIS, Tenn. — The City of Memphis is rolling out a new program to help employees pay off their student loans.

The program is called the Student Loan Reduction Program.

Starting July 1, full-time employees who have been with the city for at least a year will receive $50 a month.

That money will be sent directly to the employee’s student loan provider to help pay off their debt.

That means by the end of a calendar year, each student will receive $600 from the city.

“We are proud to be the first municipality in the country to offer this kind of student debt assistance
to our workforce. We view this as an important investment in our employees,” said Alex Smith, City
of Memphis Chief Human Resources Officer.

Officials said Memphis is the first city in the nation to offer such a benefit.