Helping Workers Tackle Student Loans: What Employers Can Do
The Current Situation
The past few years have been tough for people with student loans. The hope for widespread debt forgiveness is gone, and the break for those who defaulted on their loans ended in May. Now, the government is taking money from wages, tax refunds, and benefits of those in default. This could hurt millions of people.
A Ray of Hope
But there's good news. More employers are stepping up to help. The number of companies offering student loan benefits has grown a lot.
- 2019: Only 4% of employers offered these benefits.
- 2024: That number jumped to 14%.
- Job Listings: Mentioning loan assistance have doubled since 2019.
What Can Employers Do?
Employers have a few options:
- Retirement Plans: Add loan repayment support.
- Educational Assistance: Offer programs to help with education costs.
- Vacation Time: Let workers use unused vacation time to pay off loans.
Experts say these programs can really help employees feel more stable and less stressed.
The Challenges
But it's not all easy. There are challenges. Still, the benefits seem to be worth it.
"Business leaders can't ignore this financial pressure anymore. Student loan debt affects every part of the workplace." Jeremy Yonan, VP at Indeed
