Fidelity Investments to Pay College Tuition for Entry-Level Employees
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- The program will be focused on entry-level customer service phone representatives.
- To further assist its employees, Fidelity said it will pay the institutions directly, avoiding the need for reimbursement.
- Since 2016, the company's student debt repayment benefit for associates has eliminated $67 million in principal debt.
Fidelity Investments is the latest big company to help its employees pay for college.
The Boston-based financial services company announced that it will pay for tuition, books, fees, and taxes for select four- and two-year programs for entry-level employees seeking degrees in the business and financial services industry.
"Offering a fully funded undergraduate degree is a great way to get people excited about working here," said Kirsten Kuykendoll, head of talent acquisition, in a press release. "We're looking for applicants with customer service skills and the drive to make a difference in people's lives."
Fidelity's Fully Funded Undergraduate Degree Program will pay the institutions directly, avoiding the need for reimbursement. It will also provide associates free coaching for school selection and their area of study and support for work, life, and school balance.
The program will be focused on entry-level customer service phone representatives who work in the company's regional centers, which have concentrated populations in Westlake, Texas; Merrimack, New Hampshire; and Covington, Kentucky.
The new program is the latest effort by the financial services giant to remove higher education barriers for its associates.
Since 2016, the company's student debt repayment benefit for associates has eliminated $67 million in principal debt, $31 million in interest payments, and 9,737 years of loan debt payments for associates, according to the company.
An increasing number of employers over the last year have launched new and upgraded tuition assistance programs. Some of these employers hope to help their workforce get back to school after many students were forced to pause their education amid the COVID-19 pandemic.