More than 460 employees enrolled in benefit aimed at reducing burden of student loan debt
Avangrid, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, announced today that its Student Loan Debt Repayment program has saved its employees more than half a million dollars in principal and estimated interest. Avangrid became one of the first energy companies in the United States to have a student loan debt repayment benefit when it launched the program in February 2023. To date, more than 460 Avangrid employees have enrolled.
Student loan debt is one of the biggest financial burdens facing Americans. Currently, nearly 44 million borrowers hold student loans that total more than $1.75 trillion in federal and private student loan debt. This surpasses all categories of consumer debt other than mortgages.
“I am very proud that Avangrid, like all members of the Iberdrola Group, has diverse and modern benefits like our leading Student Loan Debt Repayment Program, which directly supports our team who are most burdened with student debt,” said Pedro Azagra, CEO of Avangrid. “Student loan debt not only has a negative financial impact, but it also impacts mental health. It’s a systematic problem that touches every corner of the county and our workforce. To see our program surpass half a million dollars saved in such a short amount of time is incredible and demonstrates that this benefit is truly fulfilling a need.”
Avangrid’s Student Loan Debt Repayment Program is available to non-union employees and offers participants a $250 monthly payment, up to a lifetime maximum of $9,000, paid directly to their eligible student loan provider(s). Among the enrolled employees is Garrett Johnson, a manager of business management with Avangrid’s renewables business.
“In recent years there has been a lot of talk about student loan forgiveness on a national level, but I never expected an employer to offer this as a benefit,” said Johnson. “I’ve refinanced my loans over the years to lower my interest rates, but this is the first time I have been offered direct relief to my total outstanding balance. I’ve been with the company for 11 years now and have always believed that Avangrid cares about their employees as much as they care about their business. This benefit shows that.”
About Avangrid: Avangrid, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $41 billion in assets and operations in 24 U.S. states, Avangrid has two primary lines of business: networks and renewables. Through its networks business, Avangrid owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Through its renewables business, Avangrid owns and operates a portfolio of renewable energy generation facilities across the United States. Avangrid employs more than 7,500 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, Avangrid ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2023 for the fifth consecutive year by the Ethisphere Institute. Avangrid is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.