BOSTON (Nov. 18, 2019) – Liberty Mutual Insurance has donated $1 million to MentorWorks Education Capital to help students, primarily from low-income backgrounds, fund educational opportunities with the prospect of successfully entering the workforce upon graduation.
The purpose of the program is to provide participating students access to funding to pay for their educational program, supported by an Income Share Agreement (ISA) with MentorWorks.
MentorWorks provides ISA financing which enables students to complete their program without incurring up-front tuition costs. ISAs are an alternative to loans that allow students to have their tuition paid and then students repay the ISA based on a percentage of their future income for a fixed period of time, up to a maximum cap without incurring interest. MentorWorks students enrolled in four-year colleges and universities, short-term vocational and certificate programs, and two-year technical programs, are eligible to apply for the program.
MentorWorks will also connect its students to Liberty Mutual, as well as other companies, for potential placement in internships and full-time, entry-level positions. Students currently studying or with a degree in a wide range of majors, including business, finance, economics and accounting, are eligible.
“This program allows us to partner with MentorWorks to help remove the financial barriers that many students face,” said Liberty Mutual Insurance Assistant Vice President of Campus Recruiting Programs Maura Quinn. “We believe all students should have access to education and we’re looking forward to helping MentorWorks provide students opportunities and much-needed support, both financially and professionally, as they begin their careers. Programs like this help companies positively impact their communities, diversify their talent base and ultimately become stronger.”
“Liberty Mutual is an incredible company that recognizes that the student debt issue is, in the long term, a talent acquisition issue. This program is the first one of its kind that addresses this problem head on and creates an active education-to-career pathway for the students we support,” said MentorWorks Chief Executive Officer and Co-founder Karthik Krishnan. “We have seen that the lack of financial and social capital inhibits education and career opportunities for students in higher education, particularly for those from underserved backgrounds. Our program addresses both parts of the problem, creating a comprehensive solution to the current student debt crisis.”
About Liberty Mutual Insurance
Liberty Mutual’s purpose is to help people embrace today and confidently pursue tomorrow. The promise we make to our customers throughout the world is to provide protection for the unexpected, delivered with care.
In business since 1912, and headquartered in Boston, Mass., today we are the fifth largest global property and casualty insurer based on 2018 gross written premium. Liberty Mutual also ranks 75th on the Fortune 100 list of largest corporations in the U.S. based on 2018 revenue. As of December 31, 2018, Liberty Mutual had $41.6 billion in annual consolidated revenue.
Liberty Mutual employs nearly 50,000 people in 30 countries and economies around the world. We offer a wide range of insurance products and services, including personal automobile, homeowners, specialty lines, reinsurance, commercial multiple-peril, workers compensation, commercial automobile, general liability, surety, and commercial property.
Liberty Mutual is proud to be recognized as a Great Place to Work by Great Place to Work® US. This honor is awarded annually by the independent analysts at Great Place to Work, the global authority on high-trust, high-performance workplaces
You can learn more about Liberty Mutual by visiting www.libertymutualinsurance.com.
About MentorWorks Education Capital
MentorWorks Education Capital provides Income Share Agreement (ISA) financing which enables students to complete their program without incurring up-front tuition costs. ISAs are an alternative to loans with which approved students will have their tuition paid and then will pay a percentage of their future income for a fixed period of time, up to a maximum cap without incurring interest. Uniquely, MentorWorks also provides career development support, mentoring and access to employers.
To learn more about MentorWorks Education Capital visit: http://www.mentorworksedcap.com or reach out to MentorWorks Education Capital COO, Micha Sabovik at micha@mentorworksedcap.com. Follow MentorWorks Education Capital on LinkedIn at https://www.linkedin.com/company/mentorworksedcap/.
Contact: Adrianne Kaufmann
617-574-5983
Adrianne.kaufmann@libertymutual.com
