With 44 million Americans holding over $1.5 trillion in student loan debt, it’s no surprise employers ask us about student debt benefits. We usually talk in terms of millennials; however, as an Employee Benefits News article points out, more and more moms and dads are eager for help to repay loans for their kids’ education.
Fortunately for employers that want to address this growing interest, there’s a range of alternatives available:
Although employers usually consider student debt assistance a recruitment and retention tool, there are other advantages. Mercer's Inside Employees' Minds™ Financial Wellness survey found that on average, employees spend more than 150 hours of work time a year worrying about money. It also found employees who have access to financial wellness programs report higher levels of trust and satisfaction with their employer.
With no end in sight to this massive student debt problem, we think debt assistance is worth considering. You may have more employees who could benefit than you thought.
Source: EBN
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