(IANS) Google on Thursday introduced a student loan repayment programme for all Googlers in the US where the tech company will match up to $2,500 per Googler per year in student loan payments, starting in 2021.
The move will help them pay off their student loans faster, allowing them to save money to use in other ways, whether it’s purchasing a new home, starting a family.
“We plan to expand the program globally over time,” Google said in a statement.
Though student loan debt is an issue globally, Americans in particular face an enormous student loan deficit — $1.5 trillion dollars, twice what it was a decade ago.
This burden disproportionately affects women and communities of colour.
“For example, on average Black college graduates have $25,000 more in student debt than white graduates four years after completing a bachelor’s degree,” Google said.
In July, Google announced a new suite of Google Career Certificates that will help Americans get qualifications in high-paying high-growth job fields — no college degree required.
Google said it will also consider the new career certificates as the equivalent of a four-year degree for entry-level related roles.
“We’ve also been working with our vendor and staffing partners in the U.S. to provide a base level of educational benefits to those working on Google-related projects beginning in 2021,” the company said.