Student debt relief trumps other benefits
Bruce Shutan, of Employee Benefit Adviser, recently published an article on the growing trend of student loan debt relief as an employee benefit. Below is an excerpt highlighting the key points:
Student loan repayment programs are climbing the pantheon of employee benefits, suggests a recent survey of full-time workers with student loan debt.
Pollfish found that 23% would gladly give up healthcare benefits for a student loan repayment benefit. In addition, 46% would relinquish paid time off and 33% would do the same for retirement benefits in exchange for a repayment benefit. Also, 53% said they’d consider a salary cut in exchange for a student loan repayment benefit.
Time to consider StuLo?
David, Chen, founder of Millennial Personal Finance, which conducted the study, believes student loan repayment benefits can help employers recruit young talent and appear more marketable to this workforce segment. “Students are leaving school with hampering debt, and monthly student loan payments, not healthcare, rank among their chief concerns,” he says.
“The message to employers is clear: student loan repayment programs are quickly becoming an essential part of their benefits portfolio in hiring and retaining top talent,” adds Krystie Dascoli, director of voluntary benefits at Pacific Resources, which consults on student loan reimbursement products.
With 57% of the millennials surveyed citing loan debt as a major stressor affecting their daily productivity, Dascoli believes the return on investment associated with offering a student loan repayment program “is essential to driving the company’s bottom line.”
To view the article in its entirety, click here.
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StuLo is an affordable benefit solution that is focused on financial wellness, student loan debt relief and credit repair services that is designed to help employees and association members. StuLo is easy to implement because it has a voluntary option that requires no cost and no administration. To learn more, visit https://StuLoWellness.com.