Clayco Unveils Employee Student Loan Initiative That Slashes Repayment Time by up to 60%
February 28 – Chicago, IL – Clayco, a full-service, turnkey real estate development, architecture, engineering, and construction firm, announced today a groundbreaking plan to help employees alleviate crippling student debt. The goal is to reduce the long-term burden of student loan repayment by accelerating the repayment time frame.
In Q3 2023, the average student loan debt was $37,650 per student according to the Education Data Initiative. A survey of current Clayco employees found that about 10 percent of our roughly 3,000 employees are dealing with this debt. Student loans can impact one’s credit, the ability to get ahead and also focus on work.
“This past year, I asked our team what was on their minds, and several employees shared that they are impacted from crushing student debt, much of it from predatory lenders,” said Bob Clark, Clayco Executive Chairman and Founder. “Our leadership listened closely and acted quickly to get this program up and running.”
The Clayco Student Loan Repayment Plan is open to current employees. The only requirement for participation is that the employee make at least the minimum payment each month toward their debt.
The plan is two pronged and has the potential to shave years off the life of employees’ student loans. For example, at an average borrower scenario of a $35,000 loan balance, employees that participate in both plans can reduce repayment time from 10 years to four years. Employees can choose to participate in one or both plans:
- Using a third-party vendor, Clayco will pay $100 per month towards the student’s debt for the first year of the program. Clayco will increase the monthly payment by $50 each subsequent year to a maximum of $250 per month in the fourth year of the program.
- If an employee is contributing to Clayco’s 401(k) plan, the employee can defer their contribution to their debt, and the company will continue to match the employee contribution.
“This plan is not just about financial aid – It’s about providing peace of mind and the freedom to focus on the future without the looming worry of student debt,” Clark added.
About Clayco
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely and sustainably delivers the highest quality solutions to clients across North America on time, on budget, and above and beyond expectations. With $5.8 billion in revenue for 2023, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional, and residential-related building projects. For more information, visit www.claycorp.com.