Student loan debt has skyrocketed over the last decade and workers desperate for relief are turning to their employers for help.
About 45 million Americans owe a total of $1.7 trillion, according to Student Loan Hero, a resource for information on education debt.Student loan debt is the second highest form of debt in the U.S., second only to mortgages, according to the New York Federal Reserve.
The burden of this debt can cause enormous stress and damage to an employee’s mental health and productivity. Employers can play a critical role in addressing these challenges with their benefit offerings.
“We’ve seen employers implementing Goodly and student loan repayment benefits so far because it’s a low cost, high impact benefit for supporting financial wellness,” says Greg Poulin, CEO of student loan benefits provider Goodly.
Despite the prevalence of student loan debt, just 8% of employers offer these benefits, according to the Society of Human Resource Management. As the pandemic has changed the nature of work, employers are eager to offer benefits that help employees maintain their financial wellness.
“It's clear that the majority of employees with student loan debt struggle every day with this financial burden and are dismayed this debt will be with them for many years to come,” says Scott Thompson, CEO of student loan benefit provider Tuition.io. “We also experience firsthand the overwhelming appreciation these employees have when their employer offers a student loan repayment benefit. For many, it's truly life changing.”
The following employers have added or expanded their student loan benefits in an effort to help employees relieve some of the stressors in their lives.
