If you’re paying off loans used to pay for your own education, Lam will help reduce your debt by paying $400 per month directly to your loan servicer.
How it works
You can apply to participate at any time. Fidelity will make $400 monthly payments directly to your student loan servicer beginning in the month following the approval of your application. The payments are tax-exempt under IRS rules.
This program is designed to help you pay off your loans faster and reduce the amount of interest you pay. You are expected to continue making the minimum required payments to your loan servicer.
You can select only one loan at a time to receive payments through this program. To maximize your interest savings, you will probably want to start with paying down the loan that has the highest interest rate. After one loan is paid off, you can apply to have payments made for another loan. The lifetime maximum benefit is $80,000.
The timing of payments each month may vary, which is one reason it is important for you to continue making your scheduled loan payments in a timely manner.
You should contact your loan servicer to confirm how the payments will be applied. We recommend you ask the loan servicer to have the Fidelity payments applied entirely to principal, which will help pay down your loan balance faster than if payments are applied to principal and interest.
Eligibility
U.S. regular-status full- and part-time Lam and Silfex employees job grade level 30 and below are eligible for the program.
Directors and above, interns, students (Silfex), temporary employees, and non-U.S. employees paid by another country are not eligible.
Loans originated in the U.S. and serviced by a U.S. student loan servicer to pay for your own education at an accredited institution are eligible. The loan must be in your name and used for your own:
- Associate degree
- Bachelor’s degree
- Graduate degree
- Incomplete work toward a degree
- Trade or vocational school program
Valid schools are those with accreditation recognized by the U.S. Department of Education and online universities accredited by recognized accreditation agencies.
Loans that are not eligible include:
- Loans that are in default or have been sent to collections
- Loans taken out in someone else’s name to pay for your education
- Loans taken out in your name to pay for someone else’s education, including your child’s
What you need to do
Apply to participate at any time by completing an application at netbenefits.com. You will need to submit supporting documentation, including your student loan statement with:
- Your loan account number
- Payment mailing address
- Current total balance
For help with finding your loan statement online and what to do if you have more than one loan, review the Fidelity quick guide.
Remember to continue making your required minimum loan payments. Lam will not be responsible for any late fees, loan default, collection costs, or any other loan servicer actions resulting from your failure to comply with your loan agreement.
Have current tuition expenses?
If you’re continuing your education, you may be eligible for tuition reimbursement through Lam’s education assistance benefit. Note that you cannot participate in both the student loan assistance program and the education assistance benefit in the same calendar year. There is a lifetime maximum of $80,000 for both programs combined.
Where to learn more
All the program details are in the student loan assistance program document [PDF].
If you have questions, review the FAQs [PDF].