Providing a student loan benefit not only helps employees with financial security, it could potentially save their relationships with loved ones. Employers who don’t offer some form of relief could see talented employees walk out the door.
More than 44 million Americans have taken out student loans for themselves or a family member; collectively, they owe about $1.5 trillion. The majority (84%) of borrowers said student loan debt has negatively impacted their retirement savings, according to a year-long study by TIAA and the MIT AgeLab, and it’s causing friction within families. Nearly a quarter of borrowers say student loan debt is creating conflict with family and romantic partners.
