Employee Student Loan Assistance Program
What is it?
University Academy Co-Founders, Shirley and Barnett Helzberg have pledged up to $1,000,000 over 10 years to help UA employees pay down student loans. They know how important our incredible staff and faculty is to the continued success of the school. To that end, they hope this perk helps to recruit and retain the very best educators.
Employees will be eligible for up to $12,000 over five years in student loan payments. These extra payments will be made directly to the student loan servicing company and will be in addition to the employee’s regular payment. This benefit will save employees on interest costs and reduce the time of repayment.
Who is eligible?
Employees will be eligible for benefits according to this table:
Individual employees will be eligible to receive payments for 5 years (60 monthly payments in total).How does it work?
| Current Salary|| University Academy Loan Payment|
per Month (60 months)
| Max Benefit |
| Under $50,000|| $200|| $12,000|
| $50,000 - $65,000|| $150|| $9,000|
| $65,001 - $80,000|| $100|| $6,000|
UA is partnering with a company called Tuition.io to assist employees of UA in paying off their student loans more quickly. In addition, Tuition.io offers ‘Student Loan Wellness Tools’, including loan management and refinancing options.
You will log in to UA’s private portal on Tuition.io, where all of your student loans will be aggregated. Total principle, interest, and payoff time will be easily visible. Please note that this will not replace your monthly student loan payment, this is meant to supplement your monthly payments.Other Stuff:
This program is for existing loans only. New loans taken out will need to be approved by HR and the Superintendent, based on the benefit to University Academy. The loans have to be for the employee (cannot be for employees spouse or dependents). These payments are treated as taxable income to you. Something to keep in mind for next tax season! If a participating employee leaves UA, the benefit will stop on the date of separation.Great! When does it start?
The program will begin June 1, 2019. New hires will be eligible the first of the month following the month of hire. To be eligible, you need to set up an account on Tuition.io. Staff will receive an email from Tuition.io with a link to set up your account.