Even though Walgreens had to close all health care clinics earlier this year citing "lack of profitability," the drugstore chain is providing a generous new benefit for employees – a student loan 401(k) match program, available in January 2025. This new benefit, made possible with a SECURE 2.0 provision which took effect this year, will allow employees to qualify for company 401(k) match contributions as they pay down their student loans.

Walgreens' announcement comes just as President Joe Biden's 12-month student loan payment "on-ramp" period came to an end September 30, which means borrowers will face penalties and negative credit scores if they miss payments. In addition, Pres. Biden's massive new Saving on a Valuable Education student loan forgiveness plan remains on hold, as GOP-led state lawsuits are making their way through the federal courts after the Supreme Court said no to unblocking the new program.

"We understand the burden student loan debt places on many of our team members, and this program empowers us to make a lasting impact on their financial well-being," said Elizabeth Burger, EVP and Chief Human Resources Officer, Walgreens. "With this new benefit, our team members are no longer faced with the difficult choice between managing their student loan debt and investing in a secure financial future – now they can confidently do both."