If you’re a business leader in the U.S., there’s a good chance that at least one of your employees holds student debt (and that might even include you!) Right now, 48 million Americans owe a collective total of $1.75 trillion — and those numbers are only expected to grow.
Holding student debt can be a major drain, both on a borrower’s budget and wellness. Over 60% of borrowers report that their debt has negatively impacted their mental health.
As part of the nation’s pandemic response, federal student loans have been on pause since March 2020 — in other words, qualifying borrowers have been off the hook for their monthly payment for over two years. But when the repayment pause comes to an end, many borrowers are expected to have challenges adjusting back to a regular repayment schedule.
Employers can take action to support their employees in managing their student debt by offering student loan repayment or support benefits. Depending on the type of benefit offered, employees may have access to a range of support to help manage their loans — from employer-sponsored contributions to their monthly payments, to educational resources to help them navigate loan repayment, to tailored guidance on the best repayment strategies.
And when these benefits are on the table, folks stick around. About 4 in 5 young workers say they would stay in their job for at least 5 years if their employer assisted them in paying down their loans.
Read on to learn more about five benefits vendors offering student loan support, all featured on the Nava Benefits Search Engine.
Betterment at Work is a savings and investing solution designed to empower employees on their journey to financial wellbeing. Built on the same technology that powers their industry-defining investment platform, Betterment at Work helps employees meet goals beyond retirement, with customizable portfolios, debt management tools, easy-to-understand advice on how to save, and more.
SoFi is a values-driven company on a mission to help our members get their money right. They create modern financial products and services that help people borrow, save, spend, invest, and protect their money better, so that they can achieve financial independence and realize their ambitions—from owning a home to saving for retirement, paying off their student loans, and more.
RISLA’s division of Employer Student Loan Repayment administers this new, innovative, highly impactful employee benefit. Employer Student Loan Repayment shows your employees you appreciate and value their contribution and is a benefit companies utilize to attract and retain.
Highway Benefits is a turnkey student loan repayment platform that allows employers to design a custom plan to contribute to their employees' student loans tax-free. This contribution helps employees pay off their loans faster, saves money, and retains talent.
Earnest was founded in 2013 on the belief that getting a loan shouldn’t be so difficult for students and graduates. They are bringing back the trust that was previously lost in financial systems. They look beyond a credit score, instead they analyze a person's full education, employment, and financial profile to match people with better rates than traditional lenders.