As employees struggle with paying down their student loan debt, more companies, including restaurants, are taking advantage of platforms dedicated to helping workers reduce their loan obligations.
Hart House, a plant-based restaurant chain founded by actor and entrepreneur Kevin Hart, announced today that it is partnering with technology platform Savi on student loan repayment assistance.
Savi is dedicated to helping employees repay their student debt and offers services like assistance with federal repayment and forgiveness options, enrolling participants into new federal plans, including the Saving on a Valuable Education (SAVE) plan, and providing ongoing support. The digital platform specifically tailors to middle class employees who owe student loans.
Through this partnership, all Hart House employees, including part-time workers and new hires, will have access to Savi’s platform and services, where they can find and apply for new federal repayment and forgiveness options at no cost, the companies said in a press release regarding the announcement. Hart House employees will have access to Savi’s platform and tools upon completion of the new hire onboarding process.
Andy Harper, CEO of Hart House and a restaurant veteran, says he hopes the new collaboration will inspire other restaurants to follow suit on providing student loan repayment benefits.
“For far too long, workers in the restaurant industry have been overlooked,” said Hooper. “It’s time for us to start changing this behavior by investing in our employees and providing them with benefits that can greatly impact their lives, such as student loan repayment programs. By providing such benefits, we can help all employees live better financial lives and achieve upward mobility.”
According to data from Equifax, 20% of workers in the restaurant industry have student debt and pay $236 a month on average in their student loans. Taking advantage of federal programs can significantly lessen this debt, adds Aaron Smith, co-founder of Savi.
“Historically, restaurant workers have been hard to reach and haven’t had access to education benefits, yet many have student debt,” said Smith. “Government programs can be enormously beneficial if employees know about it and can take advantage of it. If we can get employees into a plan like SAVE, it can be life-changing.”
The new collaboration could signal a shift in how the restaurant, service, and hospitality industry prioritize financial wellbeing for their workers. Earlier this year, fast casual chain Chipotle announced it would offer student loan matching benefits in partnership with SoFi, as a result of its upcoming high demand season from March to May.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
