It's no secret that student loan debt is weighing heavily on people trying to save for retirement — and now a system that rewards workers for making those student loan payments is getting broader exposure.
Prudential Retirement has added Student Loan Genius' 401(k) contribution feature to its retirement plan offerings. Prudential is a backer, along with John Hancock, of Student Loan Genuis, which allows companies to reward employees for making student loan payments by providing a pretax contribution into their retirement accounts.
The new partnership between Prudential Retirement and Student Loan Genius makes the former the first retirement plan recordkeeper to offer the option.
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