HARTFORD, CT (WFSB) -- Gov. Ned Lamont outlined a list of proposals during his budget address on Wednesday afternoon.
One of the programs he supports could eventually save college students major money, if more companies implement it.
While most students are excited about their futures, they're worried about the student loan debt they are racking up in the present.
“You’re going to be paying off loans forever and especially interest rates on it it’s ridiculous. I’m nervous for when I’m done,” said UConn Hartford grad student Keiana Walker.
During his budget address, Lamont called on more businesses to join Travelers and Stanley Black and Decker by offering student loan forgiveness programs to help pay off some of their debt.
“Help us train and attract and retain top talent in our state and make it affordable, make education affordable,” Lamont said.
Participating companies typically agree to match any student loan payments their employees make with identical contributions to their 401k plans.
Both Travelers and Stanley Black and Decker are proud of their programs.
In a statement, Stanley Black and Decker said “We are committed to providing an environment where our employees feel supported and empowered to thrive, and that includes helping to address the challenges of student loan debt.”
Travelers said “We are proud to be one of the first companies to offer this type of employee benefit. For us, this is another example of our commitment to the Travelers Promise: taking care of our customers, our communities and, importantly, each other.”
Students said they feel any plan that eases their financial burden is a good idea.
“I think in the long run as long as it’s implemented correctly it should help students pay off their debt,” said UConn sophomore Zachary Piotrowicz.
“I feel like that would be a very positive thing, if you think about it, we’re in school and we are working trying to make a living,” Walker said.
Lamont doesn’t just believe these kinds of programs would help students. He argues they would eventually improve the economy by attracting more well-educated employees.
To see the full budget proposal, click here.