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Employer Student Loan Repayment Assistance

What is Student Loan Repayment Assistance?

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Student loan debt is a burden to many AmericansATT_generations_chart_rgb

Student loans are stressful regardless of age or income level. Balancing payments with other bills and financial commitments can delay key life achievements for many. Student loan repayment support programs allow employers to differentiate themselves and show they understand a major pain point in their employees’ lives.

Employers are not the only ones affected. Student loan debt impacts customers too, and may be limiting their ability to use services.

Student loan debt may cause mild anxiety for some or be a huge stressor for others. Student loans are the second-highest consumer debt category in the US, so the impacts on individuals and the economy are huge. Employers have reported that workers with financial stress have reduced workplace productivity and engagement. A significant percent of adults say student loan debt is a key contributor to their financial stress.

 

80percent@2x

80% of employees spend
12-20 hours/month dealing with their financial stressors at work

Stressed employee

64% of adults stressed by studnet loan debt

64% of adults feel a lot of stress
or some stress about
undergraduate student loan debt

70percent@2x

70% of student loan borrowers feel student loans have a moderate to significant impact on their ability to meet their financial goalsstudnet loan debt impact reaching other milestones

 

Black graduates default rate 5x higher than Whites

 

The default rate among Black graduates is more than 5X the rate of white counterparts.
As employers create and improve practices to support Diversity, Equity and Inclusion (DEI) they should consider the disproportionate impact of student loan debt on some demographics. With this knowledge comes the opportunity to introduce programs, like 1:1 student loan counseling to help people thrive, both personally and professionally.

 

1 in 5 experieince default

1 out of 5 experience student loan default and its lifelong consequences
High collection fees | Wage garnishment  | Credit score damage | Withholdings from income tax refunds and Social Security

ATT_MIlestone_chart_BankratePast due student loan payments lower credit scores and place people in high risk categories where they are:

  • Charged higher interest rates
  • Less likely to obtain financing for purchases
  • Challenged to secure an apartment, utilities, and phone services
  • Unable to obtain reasonable insurance rates
 
 
 
 
Student loan debt delays source: Bankrate

The benefits of addressing student loan debt

When organizations address the challenges of student loan debt they gain a competitive advantage. By helping people manage their loans and reduce financial stress, organizations can achieve important goals.

For employers

Attract Retain Boost Engagement Improve Productivity
80% of Millennials would strongly consider a job with a with a student loan repayment benefit over one without it 86% of employees with student loans would commit to a company for five years if the employer helped pay back their student loans Financially stressed employees are 3x more likely to be disengaged than their counterparts 70% of employees with debt said that student loan benefits would improve their work performance

For service providers

(banks, credit unions, member organizations, etc.)

CopayPart_icn_ReduceFinStress

Expand your expertise and grow sales

CopayPart_icn_BuildAffinity

Attract new customers and build affinity

CopayPart_icn_ReduceFinStress

Increase customer purchase power  

 
 

Obtaining student loan counseling and support

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

Support includes solutions that help borrowers ease their financial burden, reduce stress, improve financial wellness, and achieve important goals.

  • Student loan repayment assistance
  • Student loan counseling
  • Financial wellness education