The student loan debt crisis is having a real impact on individuals and the economy in general. As a result, some lawmakers want to encourage employers to help their workers pay down their student loan debt. One proposal, for example, would grant businesses and workers a tax break.
(Photo Credit: Tax Credits/Flickr)
But, some employers are beating lawmakers to the punch, offering workers assistance in paying down their student loans, in the hopes of hiring and retaining top talent. Student loan payment benefits are growing in popularity with employers as well as employees, and it’s not hard to understand why. Let’s take a closer look at a few employers that are already on board.
The Federal Student Loan Repayment Program has been helping federal employees pay down their student loans for years. In 2014, over 8,000 workers were provided with student loan repayment benefits totaling more than $58 million.
Fidelity recently announced that they will give up to $2,000 annually toward the principal of their employees’ student loans, up to $10,000 total.
PwC offers employees a host of benefits for employees, including a Student Loan Paydown program.
This past December, Natixis launched a student loan repayment benefit of their own. Full-time employees who have been with the company for five years or more are eligible to $10,000 toward their student loan debt.
The education company Chegg announced their college loan reduction plan for employees last April. In partnership with Tuition.io, a personal-finance management site for student borrowers, this plan allows full-time employees some assistance paying down their loans.
These programs might be the hottest employee benefit going today, so organizations would be wise to consider it – as would workers, when it comes time to target prospective employers.
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