For New Hampshire businesses and organizations, recruiting and retaining young, educated, workers is a challenging and expensive process. At the same time, college graduates in the state are faced with the highest student debt load (on average) in the country. The Stay Work Play Challenge Grant incentive program helps address these needs directly by showcasing New Hampshire employers who agree to contribute $8,000 to pay down federal college loans of newly hired graduates over the first four years of employment.
The program is open to any company that employs individuals working in New Hampshire in an entry-level position (this is defined as one for which students that have graduated from a two-year or four-year college or university in New Hampshire within the last 36 months would fill). To be eligible, a student must be a graduate of a New Hampshire college or university within the past 18 months.
Incentive awards are phased in over four years and meet the minimum dollar value per year as outlined below, totaling $8,000 at the end of four years (participating organizations have the option to make awards above these totals):
- Completion of Year 1: 15% of the total or $1,200 ($1,200 cumulative total)
- Completion of Year 2: 22.5% of the total or $1,800 ($3,000 cumulative total)
- Completion of Year 3: 27.5% of the total or $2,200 ($5,200 cumulative total)
- Completion of Year 4: 35% of the total or $2,800 ($8,000 cumulative total)
Payments would be made directly to the college loan provider for federal student loans. Participating organizations are welcome and encouraged to provide benefits of a similar value to employees who have no debt or graduated from an out-of-state college, and to exceed the criteria cited above. However, additional efforts are not required to be part of the incentive program.
To download a pdf of this information, click here.
To become a participating organization, click here.
To see a list of participating organizations, click here.