Proposal to Expand Adult Dental Care Announced

Helping Employees Prepare for Student Loan Payments

Millions of employees across the U.S. will begin repaying their student loans in October for the first time since the COVID-19 pandemic caused payments to pause. As of 2023, the U.S. has $1.77 trillion in student loan debt, and the average person pays around $500 per month over a 20-year period. This significant financial burden is causing many employees stress, giving employers the opportunity to provide some assistance.

In addition to financial stress, many employees have been unable to get clear loan information. Due to the repayment pause, many student loan services were forced to merge or reduce staff. As a result of these changes, many borrowers have received vague or even incorrect information regarding their loans. Employers can provide some clarity and stability by offering resources and support.

Offering education and resources

The U.S. Department of Education recently launched a campaign to educate borrowers on the SAVE program along with other student loan resources. Employers should consider sharing the following resources from Federal Student Aid to help:

Additionally, employers are encouraged to share the Week of Action Toolkit from Save on Student Debt. Another way employers can help is by offering student loan repayment benefits. Some organizations are providing access to financial and student loan advisors, while others are providing a monthly amount to be put towards student loans.

No matter what the support looks like, whether it be in the form of educational resources and answers or employee benefits, employees are looking for help as student loan repayments restart.