"College graduates are entering the workforce with student loan debt averaging about $35,000. Some are finding a new partner in paying those huge monthly bills: their employer," according to Employee Benefit News.
"Large companies such as health insurance giant Aetna Inc., Fidelity Investments and Estée Lauder have announced they are providing money toward student loans as part of their employee benefits package.
Gradifi, a vendor offering employers a student loan benefit platform, says more and more companies are adding this benefit to their portfolio. In February alone, 20 employers — including 3Q Digital, HLB Lighting and Renewal by Anderson — offered the education loan repayment benefit to their employees.
'Demand for Student Loan Repayment programs continues to grow because employers increasingly see the benefit of offering student loan debt relief to employees,' says Tim DeMello, Founder and CEO of Gradifi. 'A student loan repayment program gives employers a distinct competitive advantage in attracting and retaining employees.'
Student loan debt is the fastest-growing form of consumer debt in the U.S., DeMello adds.
'As recent research shows, working professionals with high student debt payments face an ‘unprecedented financial challenge,' he says. 'Employers who offer a student loan repayment benefit not only provide meaningful relief to their employees, but also gain a clear competitive edge in recruiting and retaining an engaged and empowered workforce.'"
NASFAA's "Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.
Publication Date: 3/6/2018