Wage garnishments and renewed interest on loans are heightening the financial struggles for student loan borrowers. Employers can assist by offering benefits like matching loan contributions to retirement, PTO exchanges, and financial counseling. Despite the increasing relevance of such benefits, only 9% of organizations provided student loan assistance in 2024. The need for employers to recognize the urgency of the student debt crisis is becoming more apparent as it transforms from a luxury to a necessity for employee support.
"It's been an evolution and the recognition that student loans are here to stay, and, quite frankly, that the student loan debt crisis is real," says Stacey MacPhetres, senior director of education finance for EdAssist by Bright Horizons, which offers tuition assistance and student loan repayment benefit plans.
"It's like an economic earthquake ripping through those who are part of our workforce that have pursued the degree to get the job in the first place," says Laurel Taylor, CEO of Candidly.
Collection
[
|
...
]