It turns out you don’t have to sell your soul to get an education – to a financial institution that is.
The best place to get a higher education these days may be in Tennessee. It has officially become the only state in the U.S. that offers nearly every adult the chance to get an advanced degree at a community college or other participating school tuition-free.
Memphis is taking the program a step further by offering student loan repayment for city employees who missed the boat on Tennessee’s free education programs. The local government of Memphis will begin paying eligible employees $50 a month to help repay student loans beginning in July 2017.
The program aims to attract younger talent – millennials – to city jobs, although there’s no age limit to the benefit. The program will affect about 840 people, or 14% of city workers, according to CNN Money.
Memphis is currently the only city to offer a repayment program and only 4% of private companies in the U.S. offer employees student loan programs.
The tuition-free programs of Tennessee are part of Governor Bill Haslam’s Drive 55 program that aims to get 55% of Tennesseans a degree by 2025. Since 2014, the Tennessee Promise program has offered college to graduating high school students free of cost, now the Tennessee Reconnect program includes all adult residents beginning in 2017.