Online Benefits Directory

Student Loan Assistance Policy

The objective of this policy is to assist in repaying student loan debt to further the financial wellbeing of employees.

The student loan assistance program provides eligible employees up to $100 per month paid directly to the employee’s student loan servicer. Employees are expected to continue to make minimum monthly payments to the loan servicer in addition to the assistance provided under this policy. Student loan assistance is limited to $1,200 per year, up to a maximum of $7,200 cap and is reported as taxable income on the employee’s W-2.

Eligible employees include full-time employees who have received a graduate or undergraduate degree within 5 years of the date the employee first applies for assistance under this policy. New employees are eligible after 6 months of continuous employment.
Student loan assistance payments will stop for employees on an unpaid leave of absence for more than 7 days.

Loans eligible for repayment assistance include U.S.-based education loans borrowed by the employee for the employee’s own education.

Eligible employees must complete a student loan assistance application and provide proof of graduation documentation and loan documentation. Loan documentation must include:

1. Employee’s name.
2. Loan servicer’s name. 
3. Loan account number. 
4. Current balance.
5. Required monthly payment amount.
6. Monthly payment due date.

The amount of student loan assistance paid to the loan servicer each month will be the employee’s minimum monthly payment or $100, whichever is less.

Student loan assistance payments will begin on the 15th day of the month following receipt and approval of a completed application. Employees will receive written notice of approval or denial of the loan assistance application.

Loan assistance payments will cease immediately upon an employee’s voluntary or involuntary termination from employment with G&W Equipment, Inc. or change in eligibility status, such as a reduction to part-time hours.