Are Student Loan Assistance Benefits Essential for Your Business in 2017?
A new study has come out specifically surveying adults on these issues. The numbers speak for themselves and back up the claims made. This is an important benefit to have within your company in 2017.
There is a lot of talk about how popular student loan assistance as a workplace benefit is gaining popularity and how it will be the hottest benefit of 2017. The facts are that 43 million Americans have student loan debt. There is a total of $1.3 trillion in student loan debt among them. That there are currently only 4% of companies offering the benefit and that 75% of employees say they prefer an employer with a student loan repayment benefit. A new study has come out specifically surveying adults on these issues. The numbers speak for themselves and back up the claims made. This is an important benefit to have within your company in 2017.
The recent study surveyed over 2,700 adults who are currently employed and have experience with student loan borrowing and repayment. The study was done to examine how employers could best offer benefits to their employees to help with student loan payments.
In the study, nearly 66% of people surveyed have expressed difficulty making their student loan payments. Almost 33% lack the confidence to pay off their student loans in full. Just under 90% of everyone surveyed said they thought student loan assistance programs were important work benefits.
Over half of the surveyed claim they didn’t receive counseling about their student loans before they accepted the terms. However, counseling is required before you receive your loans and as you graduate to prepared you. Over 60% of student believe their loan payments were too high and nearly half of the surveyed are totally unaware of their student loan interest rate. This could be attributed to lack of counseling or lack of the counseling’s effectiveness. Further evidence of this is that more than one in every three people felt like they lacked the understanding of their student loan repayment options.
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