This US city helps workers pay off student loans

The City of Memphis has rolled out a new employee benefit program aimed at attracting and retaining top-notch workers. Memphis is the first city in the U.S. to offer a student loan reduction program.

Beginning July 1, Memphis will contribute $50 a month to eligible workers' student loan principal payments, the Memphis Business Journal reports.

Alex Smith, the chief human resources officer for the City of Memphis, told the Business Journal the student loan assistance program is a win-win for the city and its workers.

"As we look to hire more police, firefighters and paramedics, that's typically a younger workforce. We know student loan debt is a major concern for them, so we see this as being an attractive and competitive benefit for that audience."

To qualify for the program, you need to be employed by the city for a year, Money reports. The perk applies to federal and private loans, and you do not need to have earned a degree.

RELATED: Check out some awesome part-time jobs for college students:

7 PHOTOS
Best part-time job for college students
See Gallery
Best part-time job for college students

Nanny 
If you grew up babysitting younger family members, then this position is perfect for you. Not only is being a nanny one of the most flexible part-time jobs, but you can set your own rate. 

Photo credit: Getty

Receptionist
While the hours for this position may not be as flexible, working as an office assistant or receptionist for a major company is a great way to get your foot in the door. As a receptionist you will be tasked with entry-level responsibilities, which will give you a great advantage when applying to your first full-time job. 

Photo credit: Getty

Waiter/Waitress  
Possibly one of the most demanding jobs, working as a server in a restaurant comes with just as much stress as reward. The hours may be long, but at some restaurants, wages can be worth it. 

Photo credit: Getty

Tutor  
Similar to working as a nanny, being a tutor is one of the most flexible job opportunities. As a tutor, you can help others in a variety of subjects. This is a great job for a college student because not only will you be helping others, but you will also be strengthening your knowledge in whatever subject you teach. 

Photo credit: Getty

Freelance Work 
Much like serving, being a freelancer can be very rewarding financially. As a freelancer, you can choose which industry you want to work in and begin to gain experience while still in school. 

Photo credit: Getty

Work-Study Job  
If you are a student who meets the qualifications for financial aid, you can apply for your school's work study program. Work study schedules your shifts around your class schedule and the best part is that most jobs are on campus and the money you make can go directly towards paying off your tuition or any other university balances. 

Photo credit: Getty

HIDE CAPTION
SHOW CAPTION
of
SEE ALL
BACK TO SLIDE

It's not the usual blah, blah, blah. Click here to sign up for our free newsletter.

The average 2016 college student graduated with a hefty $37,172 in student loan debt, according to Student Loan Hero. That's a hefty load to carry.

To make matters worse, interest rates for federal student loans are about to go up. Beginning July 1, rates for newly issued federal loans are getting a bump of 0.69 of a percentage point.

Do you need help tackling your student loan debt? There are ways to reduce your student loan payments — or even wipe out your debt entirely — if you know where to look. Check out "How to Get Free Help With Your Student Loans" for more information.

What do you think of employers offering student loan repayment as a worker benefit? Sound off below or on Facebook.

More from MoneyTalksNews:
Earn Up to $2,700 a Year Watching Videos, Answering Surveys
How to Refinance Your Car Loan for Long-Haul Savings
6 Cellphone Secrets That Can Save You Hundreds of Dollars a Year

Read Full Story

Markets

DJIA 21,703.75 29.24 0.13%
NASDAQ 6,213.13 -3.40 -0.05%
S&P 500 2,428.37 2.82 0.12%
NIKKEI 225 19,393.13 -77.28 -0.40%
HANG SENG 27,154.68 107.11 0.40%
DAX 12,065.99 -99.20 -0.82%
USD (per EUR) 1.18 0.01 0.52%
USD (per CHF) 0.96 0.00 -0.34%
JPY (per USD) 108.95 -0.37 -0.34%
GBP (per USD) 1.29 0.00 0.20%

Can't get enough business news?

Sign up for Finance Report by AOL and get everything from retailer news to the latest IPOs delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.