JLL Launches Student Loan Repayment Program for New Analysts – Commercial Observer

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Some new hires in JLL may waive part of their student loan payments to their employer.

On Thursday, JLL launched the Student Loan Repayment Program, in which new analysts and partners will be paid $ 5,000 a year to pay off student loans, up to a maximum of $ 15,000.

The program is designed to help the company reduce financial barriers to workers entering the capital market, especially for its diverse female employees who tend to be heavily indebted to students.

“Research shows that women and graduates of color with a disproportionate amount of student loans means the industry is losing out on a huge amount of talent.” Chris Drew, co-director of JLL’s Capital Markets Office in Miami, said in a statement. “We strive to reach a wide variety of graduates by reducing these financial barriers and inequalities on the way to admission, helping them see transactional roles as a viable career option.”

The program is open to all new employees of the Capital Markets Group who joined JLL after January 1st. To be eligible, employees must have worked at JLL for at least three months and earn less than $ 150,000 per year. Anyone can join, regardless of background, although Drew hopes the program will address higher debt rates for women and minority employees.

Average student loan debt for college graduates was $ 30,000 in 2019., in accordance with US News & World Report… But black students are borrowing much higher than white students and women occupy about 7 percentage points more than male students, according to data National Center for Education Statistics (NCES). Historical exclusion from wealth-building paths – like housing, banking and education – helped create a racial wealth gap that forced black and minority students to borrow more, according to Institute for Assets and Social Policy at Brandeis University

Black bachelor’s degree recipients from 2015 to 2016 borrowed slightly less On average $ 10,000 more than white graduates, according to NCES. Graduate students also borrow more.

Students who are pursuing an MBA degree can Debt between $ 40,000 and $ 100,000 – and the numbers tend to be higher for the top programs in the US, according to 2019 data. Wall street journal analysis

This debt is what the JLL program hopes to resolve. Drew, who chairs the Diversity and Inclusion Committee for the Capital Markets Group at JLL, said the project has been in development since 2019 as the brokerage seeks to increase diversity among its ranks.

“We all felt that having a consolidated committee of people who worked on [diversity, equity and inclusion] would be helpful, ”Drew told the Commercial Observer. “We really just got together and thought this is what we really want to focus on.”

But there are other barriers to entry in commercial real estate, including a commission-based wage model for those in sales and a lack of knowledge of what the industry is all about, Drew added.

To address the issue of low base salaries for commissioned jobs, JLL invested $ 4 million in entry-level compensation for racially diverse professional and female salespeople in addition to commission-based wages. The investment will pay a higher base salary for aspiring capital markets sales, agency leasing and tenant representation in JLL’s business. Employees using the program will also receive additional training and a mentor.

JLL which has partner with historically black colleges and universities, and works with The project is intended – a program that provides a variety of students with training opportunities in commercial real estate – and has donated $ 150,000 to help expand the project’s program to date. The project is intended recently expanded to Miami through a scholarship program for two students wishing to pursue an MBA degree in University of Miami Herbert School of Business, Informs CO.

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