In an effort to help curb soaring student loan debts, Walmart announced Tuesday it will pay 100% of college tuition and book costs for its associates, starting Aug. 16.
Walmart, the largest U.S. private employer, will drop its existing $1-per-day fee for associates who participate in its Live Better U education program.
The company said it was inspired to adjust the terms of the program by changes in the economy and job market.
With the new plan, Walmart plans to invest almost $1 billion over the next five years in career training and development for its employees.
About 1.5 million part-time and full-time associates of Walmart and its Sam’s Club subsidiary will be eligible to learn new skills and earn college degrees, the company said.
