Columbia-based firm offering to pay off student debt

A Columbia-based financial services firm is trying to entice workers to join and stay by offering to pay their college debt.

Computershare Corporate Trust said Tuesday that it is committing $600,000 to pay off student loans for high-performing employees. That includes new hires who start before July.

The business offers trustee and agency services to corporations, government agencies and banks related to the issuance of debt securities.

An employee can apply for up to $60,000 toward student loans under the program. To get the benefit, applicants must work at the company full time for a year, provide proof of current student loans and earn less than $150,000. New hires must start before July 1.

In the U.S., students leave college with average debt of nearly $29,000.

Michael Watchke, U.S. head of corporate trust for Computershare, said the company wants to help some employees wipe out part or all of what typically is significant debt on student loans.

“We believe this is one more enticement for job seekers that might consider a career with us in one of our many offices, including in Columbia, Maryland, the city of Minneapolis, or as an employee working remotely,” Watchke said in an announcement.

He said the company also offers a flexible working environment and an inclusive and supportive culture.

The company, with about 2,000 employees in the U.S. and about 700 in Maryland, previously operated as Wells Fargo Corporate Trust Services.

It became a stand-alone business of Melbourne-based Computershare through an acquisition last fall.

Employees selected for the loan payment benefit will be announced in September 2023, based on eligibility and achievements at the company.