The Estée Lauder Companies has become one of 4 percent of US companies, and one of the only luxury firms, to offer employees a Student Loan Contribution program as part of their benefits package.

With 70 percent of college seniors graduating with student loans, the US prestige beauty manufacturer is hoping that this new employee benefit will help address the increasing burden faced by current and potential talent. Some 65 percent of employees who have signed up to the new program are millennials, aged 35 or under.

Lauder will contribute US$100 towards eligible employees student loan every month, with contributions capped at US$10,000 over a lifetime. The company has partnered with Tuition.io, the industry’s first student loan payback platform, to launch the program.