Student Loan Paydown (SLP)
A first of a kind benefit to help staff pay down their student loan debt
At PwC, we’re always seeking unique ways to improve the financial wellness of our people. We want to make sure you get your career off to a financially healthy start. To do so, PwC is offering a new employee benefit to help reduce your student loan debt. PwC is the first in the industry to offer this type of benefit.
How it works:
As a participating associate or senior associate, the benefit will pay $1,200 a year towards your loan. Over time, this may help reduce your student loan principal and interest obligation by as much as $10,000, and shorten your loan payoff period by up to three years.
How much will you pay? How will PwC’s benefit impact you?
Use this student loan impact calculator to help you see the impact a higher monthly payment can have on shortening the length of your loan and reducing the interest you will pay. See how the PwC $100 per month SLP payment will impact your student loan during the six-year period (if enrolled in the maximum allowed time for the benefit), and the impact on your loan if you continued that extra payment personally, once the benefit was exhausted. See how making additional payments each month will affect your loan’s payoff date.
Here is an example of how a new associate with a $35,000 loan, interest rate of 3.4%, and a term of 10 years may benefit from the SLP benefit of $100 per month payment. The example assumes the individual is enrolled for the maximum six-year benefit with PwC and continues the extra $100 payment per month on his/her own after year six.
1. In the top line of the Gradifi* calculator, insert “$35,000”, and an interest rate at “3.4%” for “10” years.
2. Move the monthly paydown rewards slide to $100.
Result: Over the 10-year period, this individual will save a total of $10,675. Interest saved is $1,675 and the time of the loan is reduced by two years, six months.
Why is PwC offering this benefit:
We see student loan debt as a major societal issue. The current state of student loans is troubling—$1.3 trillion of outstanding student loans, a $35,000 average loan balance for the class of 2015, and 40 million Americans with student debt—we need to start somewhere to help alleviate the burden.
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Life and accident insurance
- Basic Group Term Life Insurance pays $20,000 to your beneficiary (ies) if you die.
- You may purchase Supplemental Life Insurance for yourself—from one to 10 times your salary. Dependent Life Insurance for your spouse/domestic partner (from $25,000 to $300,000 of coverage) and for your children ($5,000 or $10,000) is available if you choose coverage for yourself.
- Personal Liability Umbrella Insurance is available to managing directors, directors and senior managers. It provides comprehensive catastrophic liability coverage over and above certain limits of the bodily injury and property damage liability insurance the firm requires.
- Accidental Death and Dismemberment (AD&D) Insurance for you, your spouse/domestic partner and your children is available. AD&D pays benefits in the event you (or your spouse/domestic partner or children) are seriously injured in or die from an accident.
- Business Travel Accident Insurance coverage of $400,000 is provided at no cost and pays a benefit if you die or are seriously injured while traveling on firm-approved business or while commuting to or from work.
This program can help you with a new mortgage, refinancing an existing mortgage and other home equity products.
Property and casualty insurance program
You may purchase group auto, home, boat, renters, condo, motorcycle, motor home insurance and more—payable through convenient payroll deductions.
Retirement and savings plans
- Save from 1% to 100% of eligible compensation on a pre- and/or post-tax basis in the 401(k) Savings Plan (if you are at least 21 years old; IRS limits apply). The firm offers a matching contribution on the first 6% of pay saved.
- Eligible staff are automatically enrolled in the Retirement Wealth Builder Plan (Wealth Builder) on their date of hire. The Wealth Builder contribution is funded completely by PwC, and the contribution formula is linked to participants' job levels and in some cases, benefits service with the US firm. New hires also receive a one-time Wealth Builder bonus contribution to jump start their retirement savings.
Through the Short-Term Disability (STD) Plan, you may receive STD benefits equivalent to 60% to 100% of your salary for up to 26 weeks if you have at least three months service and become disabled.
You may elect Long-Term Disability Plan coverage paying 60% (untaxed) of your base salary (up to $600,000); benefit payments start after 26 weeks of a covered disability, which are generally covered under the STD plan.
Student loan program
This program provides a wide range of education-financing options, including loans for private K-12 schools, undergraduate and graduate studies, technical and professional training, and education loan consolidation.
Group legal plan
You have access to a national network of more than 14,000 attorneys and you may receive fully covered legal services when you participate in this program.