Walgreens launches student loan 401(k) match program

Walgreens is launching a new benefit for employees, the Walgreens Student Loan 401(k) Match Program. 

This new benefit, available in January 2025, will allow team members to qualify for company 401(k) match contributions as they pay down their student loans.

“We understand the burden student loan debt places on many of our team members, and this program empowers us to make a lasting impact on their financial well-being,” said Elizabeth Burger, executive vice president and chief human resources officer at WBA. “With this new benefit, our team members are no longer faced with the difficult choice between managing their student loan debt and investing in a secure financial future—now they can confidently do both.”

Noting that nearly 43 million Americans are struggling with student loan debt, Walgreens said it is proud to be a leader of large employers offering team members this new option. Roughly 30% of Walgreens team members are facing financial debt from higher education—including more than half of our pharmacy team members—and according to the American Association of Colleges of Pharmacy, pharmacists have an average student loan debt of $170,000, the company said.

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The Walgreens Student Loan 401(k) Match Program treats enrolled team member student loan payments like contributions to the Walgreens Retirement Savings Plan “401(k).” Walgreens matches eligible student loan payments up to 4% of eligible pay. Team members are generally eligible for company matching contributions after one year plus 1,000 hours of service.

Walgreens said it is committed to supporting its team members’ financial well-being and career growth, which is why the company also recently enhanced its Walgreens Pharmacy Educational Assistance Program. PEAP provides tuition assistance each year when eligible team members are enrolled in a professional pharmacy program while working for Walgreens as a pharmacy intern.  For all years combined, the awards can be as much as $40,000 in total.

In exchange for each award, pharmacy students are required to sign an agreement that includes a one-year work commitment as a registered pharmacist at Walgreens. The total work commitment period is the total number of years for which a pharmacy student receives an award under this program.

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