The New Employee Benefit: Paying Down Student Loan Debt

Millennials are graduating college with more student loan debt than ever before. Currently, graduates are leaving college with a degree and an average of $37,172 in debt – not the healthiest combination. In fact, in 2019, the total national debt for student loans is a whopping 1.6 trillion dollars and rising. Fortunately, refinancers such as Laurel Road offer a student loan employee benefit to employers at no additional cost to the company.

In today’s competitive job market, employers are fighting to attract the best talent, and they know that appealing to those applicants is imperative. So, in an effort to “woo” the best and the brightest, many companies have begun adding a new kind of perk to their benefits packages: Helping to pay down employee student loan debt, or offering specialized refinancing options.

Some of America’s largest companies offer student loan debt payment programs as an integral part of their benefits packages. Total payout among these companies vary from $5,000 to upwards of $30,000, and yearly caps can range anywhere from $1,000 to $10,000.

As newer generations enter the workforce, expectations in benefits are bound to change with different needs. In order to attract top employees, companies must offer benefits that will keep them around for the long-haul and offer them things that they want.

Of course, companies can’t offer every trending perk—but if they want to attract high-quality employees, student loan debt payments are becoming increasingly essential.

Did you know that Laurel Road offers employers unique, customizable and easy-to-implement student loan benefits to improve employees’ financial wellness? Check out our Employers page to learn more!