Great-West Life announces that Indigo will pilot its student debt savings programBy The IJ Staff | October 05 2018 09:30AM
Indigo has signed up to be the first national company to launch Great-West Life's pilot student debt program
“We are thrilled to welcome Indigo to Great-West Life’s student debt savings program pilot,” says Brad Fedorchuk, Senior Vice-President, Group Customer Experience and Marketing for Great-West Life.
The average post-secondary student accumulates $27,000 in student debt by the time they leave school, and takes about 10 years to pay off the loan, said Fedorchuk.
“Often, this means delaying important life goals like starting a family or buying a home. Our student debt savings program was designed specifically for visionary employers like Indigo, who wish to demonstrate their deep understanding of what is meaningful to their employees.”
Through the program, when an employee makes a payment on their Canada or provincial government student loan, Indigo will make a matching contribution to their retirement savings account within Indigo’s group retirement and savings plan (up to a maximum).
Employees need to simply join the program and send proof of regular student loan payments to Great-West Life.
“By being first in Canada to launch Great-West Life’s innovative student debt savings program, we are reinforcing our commitment to our employees and to supporting them in their careers and in achieving their life goals,” said Gil Dennis, executive vice-president, Human Resources and Retail for Indigo.