Barclays launches new student loan support program for U.S. employees

Beginning this week, Barclays will offer eligible employees in the US a student loan support program.

The London-based banking and financial services company predominantly offers support services for credit cards in the United States, and has a robust perks package, including 401K, health and dental, and 17 vacation days for new employees. They also offer a $20.50 minimum wage for new employees, which was announced earlier this year.

The student loan support program adds to the perks offered by the British company which has three main contact centers ― Hamilton, Wilmington, Del.; and Henderson, Nev. ― where they service customers. Their U.S. headquarters is in New York City.

“Eligible colleagues can sign up to receive $100 per month for their student loan repayments,” said DeAndre Esteen, Barclays Bank U.S. vice president.

Though the student loan repayment benefit will not reduce the amount of the monthly student loan payment, it may help shorten the loan repayment period, and reduce the total repayment cost, he said. He added that this program is in line with Barclays’ mission of being an employer of choice in the communities they reside.

Esteen emphasized this program isn’t Barclays paying student loans for its employees, but rather it “is to offer more support, especially as we think about folks going through possible financial struggles.”

More details of the student loan support program will be released at a later time.

“Being an employer of choice and retaining top talent with competitive pay, robust benefits, and career development opportunities is especially crucial as we look to significantly grow our footprint in the US,” said Denny Nealon, CEO of Barclays US Consumer Bank.

Barclays is one of the largest banking and financial services agencies in the U.K., and was founded 331 years ago.

About the Author