A Wayne insurance executive is leading a movement to help alleviate the burden of student loan debt saddling recent college graduates.

Taking advantage of a decades-old tax provision, U.S. Liability Insurance Group Chairman, President and CEO Thomas P. Nerney (above) is withholding from taxes $3.25 of the $15.25 per hour wage he pays college interns who work part-time for his firm during the school year and then applying the cumulative sum directly to the student’s financial aid account each semester, according to an article on Philly.com.

“We have all but mandated a college degree for the majority of entry-level positions,” Nerney is quoted as writing. “I believe the business community is in a unique position to address this one small piece of the student-debt pie.”

Nerney is also working with more than a dozen colleges and universities as well as other businesses to make the adjustment to their payroll processes.

Read the entire article about U.S. Liability Insurance Group’s student debt program on Philly.com here.

(Top image courtesy of Philly.com)