Kings Rolls out New Employee Student Loan Repayment Benefit
Between cliches about waiting in line for hours for a trendy brunch and an unchecked love of avocado toast, it can be easy to goof on millennials and their perceived foibles. For us at Kings, however, there’s one issue that gets put on the younger generation that cuts close to the bone: student loan debt.
Sure, it’s not as fun to talk about as retro arcades or as exciting as a scratch-kitchen, but the issue of student loan debt is a profoundly important one – if only because how pervasive and oppressive it can be. Seventy percent of college graduates carry a significant amount of loan debt as they enter the workforce, resulting in over 44 million Americans collectively holding almost $1.5 trillion in debt.
With roughly one in four American adults working to pay off student loans, this isn’t an issue we can turn our back on. That’s why Kings Dining & Entertainment has signed on with Boston-based Gradifi, the industry’s leading provider of the Employer Student Loan Paydown Plan™ to introduce a new employee benefit: financial assistance to help workers pay down student loan debt.
Reducing Stress and Paying it Forward
What makes Kings so special is our people: From servers to our executive team, we are always looking for the best, the brightest and those with the most potential to mentor and provide opportunities to grow. But it’s hard to embrace your potential if you are living under crushing financial pressure to pay off your student loans. In fact, according to a recent survey by Student Debt Crisis, a nonprofit organization aimed at helping students repay debt, 86% of respondents considered their loan debt a “major source of stress” with over one third saying it was their No. 1 overall cause of stress.
We are looking to change that. Beginning in February 2019, Kings will supplement eligible employees’ regular student loan payments with a monthly contribution through the Gradifi-managed SLP Plan™ benefit. Kings will contribute up to $175 per month toward eligible employees. These contributions can take years off student loan balances – potentially shaving three or more years off of a 10-year loan, and helping reduce the loan-related stress significantly.
Why Now? Why Not?
At Kings, we believe strongly that the only way to deliver an unparalleled guest experience is to invest in our team. To us, there’s no two ways about it: We are committed to the personal growth of our staff and are here to help those who have chosen to further their education.
“Kings’ culture values include a commitment to ‘grow yourself’ which commonly refers to ongoing educational practices that help improve and enrich the minds of our team and this program takes that commitment to the next level,” explains Kings Chief Operating Officer, Joshua Rossmeisl.
At the end of the day, we believe in our people and want them to succeed, because, simply: We ARE our people. This is why Kings has joined the ever-growing ranks of progressive companies leading the charge to tackle our nation’s student loan debt crisis. By giving our staff an opportunity to pay down their debt faster and with less struggle, we hope to pave the way for the greatness we see in all our hires.