Although group benefit packages tend to focus on 401(k) investments and health insurance plans, student loan debt assistance has become one of the fastest growing offerings—and for good reason. The numbers don’t lie. With more than $1.7 trillion owed, student loans are the second biggest source of consumer debt after mortgages and affects nearly 45 million Americans. 2023 has been a watershed year for student loan borrowers, and 2024 is poised for the same. The time to offer student loan benefits is now.
National Student Debt Forgiveness Center provides consultative services dedicated to helping your employees achieve financial freedom from student loans. Help your employees get what they are entitled to. Most federal student loan borrowers are eligible for lower monthly payments and a faster path to forgiveness than they realize.
“Employees are clear about their need for student loan solutions. It’s now up to employers to recognize the opportunity they have to lessen the significant mental and financial burden of this debt for their employees—while cultivating a more cutting-edge benefits package that can also appeal to prospective talent.” –BenefitsPRO
Fidelity Investments found that half of new hires said the student loan benefit was a major factor in their decision to join a company.
86% of young workers would commit five years to an employer that helps them pay off their student loans, showing the value that these benefits can play towards retention.
76% of stressed employees say financial worries have had a negative impact on their productivity; within that group; of those, 25% say the impact has been severe or major
This is a very low-cost / high-value benefit. In most cases, the benefit costs around what it would cost you to host a catered lunch for your employees or members. Pricing depends on the size of your organization, the kind of program you want to offer, and how much customization you want to offer.