Stephen Baillie had just started working at Chegg when the company introduced one of today’s most sought-after work perks: help paying off student loan debt.
Baillie signed up immediately, and for each of the past two years Chegg has sent about $1,000 to his student loan account.
“We’re using it to knock down that debt as quickly as possible,” says Baillie, a stock administrator at the textbook rental and online tutoring company. He has roughly $18,000 in student debt, down from $27,000 after about five years of payments.
More than just attack his debt, the extra money has given his family more flexibility with their budget, freeing up cash for items they otherwise might have to skip, such as music lessons for his three daughters.