Choptank Transport has awarded $24,000 to 18 qualifying employees through the company's 2020 student loan paydown program. Choptank now has awarded a total of $87,000 through the paydown program since initiating it three years ago.
When launched in 2017, it was a rare and unusual offering. Even today, finding employers who provide this kind of program is like finding a black cat in a coal mine. According to a 2018 survey done by the Society of Human Resource Management, only 4 percent of the nation's workforce offered the benefit.
Fast forward to 2020, and a new study shows the number has doubled to 8 percent—a paltry increase considering the national student loan debt is now up to $1.6 trillion, owed by 44.7 million borrowers.
Many of Choptank's employees are college graduates saddled with higher education loans. Choptank's paydown benefit is helping.
"I am so very proud of this program and the impact that it has on our employees," commented Choptank's CFO, Marcia Wood. "During the COVID-19 crisis and the resulting impact on the economy, we realized that our employees need our support more than ever. While many companies are cutting employees’ pay and hours, we are still committed to providing up to $1,500 annually as a student loan payment benefit."
It is more than just the financial benefit, said Wood. "The relief and gratefulness in our employees’ faces are phenomenal to see. Our employees work hard for Choptank and constantly strive to provide superior customer service to our customers and carriers. Taking care of our employees is part of our three-legged stool analogy. Customers, Carriers, Employees."
About Choptank Transport
Choptank Transport is a leading third-party logistics company headquartered in Preston, Maryland. Celebrating its twentieth anniversary, Choptank has five regional offices, including Tampa, Dallas, Atlanta, Denver, and Baltimore. The company is about to open its seventh location in Easton, Maryland this spring.
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