Low-paying jobs and a high cost of living made it hard for Smith to make a dent on his debt until he got hired as a mechanical technologist in Halifax at Dillon Consulting Limited.
At Dillon Consulting, employees can repay student debt by using employer contributions to the company’s deferred profit-sharing plan that matches employee contributions to the group registered retirement savings plan. With Smart Benefit, employees never touch the funds themselves, whether they’re receiving it as a percentage of their savings plan contributions, a stand-alone benefit or in a payment matching plan. Instead, all payments go from payroll to YR Plans to the loan provider.
While YR Plan’s Smart Benefit technology works by sending money directly to the lender, tech company SimplyCast has been helping employees pay down student loans by adding monthly financial support to their paycheques since early 2016. “So far, everybody that’s been on the program has not left the company. So it’s been a retention program,” he added.
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