With $1.5 trillion of loan debt1 weighing down U.S. college students and graduates, financial technology leader FIS® has announced a new student loan repayment program for U.S.-based college graduates who are hired by FIS beginning this year.
The FIS student loan program, the first of its kind in the financial services industry, is available for college graduates who are hired through the FIS University program. FIS will begin paying off the principal student loan debt balance for each FIS University joiner after one year of service with complete principal debt expected to be paid off after 10 years of service for those participants continuing in employment with FIS. FIS expects to accept approximately 400 students into this innovative recruitment program in 2021.
“As the company that empowers the financial and commerce world by advancing the way the world pays, banks and invests, it’s important that we invest in the development of future FIS leaders,” said Gary Norcross, FIS chairman and CEO. “I’m excited about this new program and what it means for the future of FIS and the clients we serve.”
While the amount of student debt faced by graduates today is staggering, it’s more overwhelming for many minority students. For example, Black college graduates are living with almost twice as much student debt as White college graduates when entering the job market.2 Additionally, although they make up 56% of American college students, women hold nearly two-thirds of America’s outstanding student debt.3