Penguin Random House announced today that it has partnered with Gradifi, a student loan pay down provider, to offer financial assistance to U.S. employees to pay down their student loan debt.
“I know all too well that student loan debt burdens a great deal of our colleagues at Penguin Random House, and increasingly, our future talent,” wrote PRH’s CEO, Markus Dohle, in a letter to employees. “Starting in January 2017, we will offer a student loan repayment of up to $1,200 annually, totaling a maximum of $9,000, to all regular full-time employees with outstanding student loans who have been with the company at least one year.”
Gradifi will provide the platform for administering this new benefit at Penguin Random House. The company’s SLP Plan gives businesses the opportunity to pay down employees’ student loan debt by contributing directly—through structured and secured channels—toward their employees’ student loan principal on a monthly basis.
“[This new program] represents another small step that we are taking together to live up to our mission, and perhaps more fundamentally, but just as important, to make Penguin Random House a happy, productive, and rewarding place to work,” Dohle wrote.
The DBW Daily is the go-to newsletter for staying up to date on the biggest issues facing the book publishing industry and indie authors. To get all the top stories and think pieces from the past 24 hours in your inbox every day at 8:00 AM, sign up for the DBW Daily today!