Attract top talent with student loan repayment programs

As the cost of continuing education continues to rise and more and more students enter the job market with crippling debt, companies that offer repayment benefits are standing out in the competitive job market, especially among Millennials.

According to the Center for American Progress, “About 43 million adult Americans—roughly one-sixth of the U.S. population older than age 18—currently carry a federal student loan and owe a combined total of $1.5 trillion in federal student loan debt.” Many Millennials are entering the job market with over $30,000 in student loans, and while not every borrower is overwhelmed by this debt, it does weigh heavily on their overall financial health and future.

Pew Research reports, “More than one-in-three American labor force participants (35%) are Millennials, making them the largest generation in the U.S. labor force.” Despite this, less than 5% of organizations offer student-debt repayment assistance. This means that most businesses are missing out on a prime recruitment and retention strategy for attracting top new talent. In this blog post, we’ll discuss the value of offering student loan repayment options to your employees, and give you tips for incorporating this strategy into your employee benefits program.

 

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