With student loans a never-ending financial albatross for millions of employees, employers are acknowledging the necessity of stepping in to help.
Despite recent federal efforts to forgive student loan debt, and increasing awareness of the financial and mental toll this burden is having on employees, the average worker is still shouldering more than $37,000 in student loan debt, according to the U.S. Department of Education. In February, Biden forgave an additional $1.2 billion for borrowers, bringing the total amount of debt forgiveness to a staggering $138 billion. Yet that’s merely a dent in the nearly $1.74 trillion borrowers still owe.
