Alleviate Student Loan Stress for Your Workforce or Customers

Posted on Jan. 29, 2021 | By The Attigo Team

Student loans weigh heavily on the minds of many Americans. Combating student loan angst for employees and customers is the fuel for new solutions and legislation that are available for a broad group of organizations—including employers, financial institutions, government agencies, and professional associations.

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Due to an increasing number of borrowers speaking up about their plight, many companies are offering student loan repayment and counseling help.

 

"We're always searching for innovative ways to offer competitive pay and benefits to current and prospective employees," says Mike Bull, vice president of Total Rewards at Raytheon. Source: SHRM

According to Society for Human Resources Management, "For managers and human resources professionals, overwhelming student loan debt [can lead to] staffers being distracted and unfocused at work and steer them toward moonlighting jobs that further sap their physical and emotional energy."

 

The problem is big enough that Congress passed legislation to support and protect student loan borrowers.

  • Congress recently extended the tax-free status of employer-made student loan payments (up to $5,250 annually) through December 2025 through the Consolidated Appropriations Act.
  • The U.S. Senate passed legislation to stop student loan debt relief scams.

Providing student loan counseling expertise is key to protecting borrowers. It's not illegal to offer services that alleviate confusion. However, promising debt relief or forgiveness and charging student-paid fees for services that are available for free is questionable and at a minimum exacerbates this national dilemma.

79% of borrowers said they would utilize a trustworthy and established student loan counseling service if one was offered by their school, bank or employer. (Source: Successfully Navigating Student Loan Repayment white paper.)

Now more than ever student loan borrowers need help.

Organizations like Ascendium can fill the gap and provide personalized support. They help employers, banks, credit unions, and other organizations deliver the high touch counseling support their workforce and customers need.

Helping people rise to their higher-education potential and reach their financial goals is part of the longstanding Ascendium mission. For more than 50 years, Ascendium Education Solutions® has supported student loan borrowers toward successful repayment. In collaboration with 1,000s of colleges and universities Ascendium has introduced tools and services to alleviate borrower stress. Their recent expansion of services to a broader group of organizations answers the call of numerous organizations seeking helpful solutions.

 

Jeff Crosby-2We’re using our extensive knowledge and expertise to make it easy for organizations to provide the support their workforce or customers need to alleviate the stress of student loan debt,” states Jeff Crosby, President and CEO of Ascendium Education Solutions.  

Solutions include:

 

money 1. STUDENT LOAN REPAYMENT ASSISTANCE allows employers to contribute directly to an employee’s student loan to relieve financial stress and shorten the time it takes to pay off their loans.
counceling 2. STUDENT LOAN COUNSELING connects employees or customers to knowledgeable and trustworthy student loan counselors who can help these borrowers take advantage of available repayment options and other student loan related programs while avoiding student loan fraudsters.
computer-1 3. ONLINE FINANCIAL EDUCATION delivers the right information at the right time—from college financing to navigating student loan repayment to developing the financial skills to achieve lifelong financial goals. 

 

WATCH for our upcoming blog post that dives deeper into the legislation allowing employer-made student loan payments, tax-free.

 

Learn more at attigo.com.

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