With 40 million Americans carrying over $1.2 trillion in student debt, it is not surprising that experts have identified student loan repayment as a hot new employee benefit. “Student loan debt is a huge issue in this country when you consider students typically graduate with four loans outstanding with an average debt load that ranges from $30,000 to $40,000,” says Bruce Elliott, manager of compensation and benefits at the Society for Human Resources Management.
PwC ‘s US and global talent leader Mike Fenlon says that the heavy student debt load nationwide is having an enormous impact on both younger workers and the economy. “Millennials tell us they’re living longer at home. They are delaying major life decisions like marriage and having children. They are putting off major purchases like cars. They’re not saving for retirement,” he says.
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