Lowell-based Jeanne D’Arc Credit Union is part of a growing list of financial institutions that is helping its employees pay off their student loans.

The company announced yesterday that it has partnered with Gradifi to offer a Student Loan Pay Down Program to its employees.

Through the program, the credit union will make direct monthly payments of $125 to employees’ student loan accounts, paying up to $10,000 on each participant’s loan. Employees who work at the credit union full time for a minimum of six months are eligible to participate in the program.

“Many of our dedicated employees have the obligation of paying student loans, and we understand the impact this may have on their financial lives,” Mark S. Cochran, president and CEO of Jeanne D’Arc Credit Union, said in a statement. “Each day, we help our members work toward financial success, and our new Student Loan Pay Down Program allows us to do the same for our employees.”

Student loan borrowers owe a collective $1.5 trillion as of March 2018, according to the Federal Reserve. College graduates who had student loans owed an average of $32,731 with a monthly payment of nearly $400 in 2016. Studies also indicate that the burden of student loans causes borrowers to hold off on other life events, such as purchasing a home, getting married or starting a family.