Student loans account for almost $1.5 trillion in personal debt. Nearly 50 million Americans carry some form of student loan debt. As these numbers rise, employers are looking for ways to offer student loan assistance.
Employees spend an average of $300–400 each month paying down their student loans. If employers help with that burden, they could help employees better prepare for the future.
Debt prevents people from saving for the future or preparing for an emergency.
Almost a quarter of our users engage with content about how to manage their student and personal loans.
Student loan benefits like Gradifi let employers take an active role. Gradifi helps employees pay down their loans through monthly or annual contributions.
Part of a Compensation Package
Unfortunately, many companies don’t currently offer student loan assistance . In fact, only 4% of employers offer any type of help.
That trend is slowly changing though. Employers are shifting their focus away from traditional benefits to keep younger talent. They’re looking for benefits that employees actually need.
How do Student Loan Repayments Help?
Student loan repayment programs like Gradifi allow employers to contribute directly to an employee’s student loan balance either monthly or annually.
And with recent changes to the IRS’ policies, employers can now enjoy some of the same benefits as matching 401k contributions.
The Benefits of Student Loan Assistance
Helping employees pay down their student loans faster goes beyond simple goodwill for a company.
Employees are stressed about their finances at work. In fact, nearly a third of employees feel financial stress while they’re at the office.
By having help with their student loans, employees feel more confident and less stressed.
Student loan assistance can also act as a beacon to differentiate businesses in a crowded job marketplace. Unemployment is at its lowest rates in years. Therefore, businesses have to compete for young talent. Student loan programs like Gradifi’s can help businesses attract the best new talent.
Helping young professionals pay down their student loans is the core mission of Gradifi . It allows employers to take the reins with helping employees with a benefit that isn’t a traditional retirement plan.
Additionally, employers can see exactly how their monthly contributions make an impact with an employee’s loans.
Employees who get help with their student loans feel more confident. By offering the right benefits, employers can boost employee happiness and reduce turnover.
Gradifi works directly inside Edukate. Helping employees pay down their student loans with Gradifi can help them feel more confident in all areas of their lives.
To learn more about Gradifi’s tools and services, visit Gradifi.com.
If you are already an Edukate customer and would like to offer Gradifi to your employees through Edukate, contact us directly at sales@edukate.com
Pretty! This has been a really wonderful article. Thanks for providing this information.
Hi Shonda, thanks for the great feedback and for stopping by. If there’s a subject you’d like us to cover, please let us know.
Hello, I wish for to subscribe for this website to get most up-to-date updates, therefore where can i do it please help.
Hi Genesis, thanks for the great feedback and for stopping by. I’d recommend signing up for our newsletter – see: https://www.edukate.com/#popup-newsletter
I’d also recommend checking out our other site for additional information focused on how to combat financial stress: https://financialstress.com/
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