“Move over 401(k) and health insurance plans, there’s a new company benefit tailored to the millennial workforce.
The “Student Loan Repayment Benefit” is the name, and it is being offered by employers, who contribute a certain dollar amount per year toward paying off an employee’s student loans.
Student loan debt concept. Young woman with heavy box full of debt carrying it up the education ladder
So far, only 4% of U.S. companies offer the perk, but 8% of companies with 40,000 employees or more have it.
The unemployment rate in February of 2018 is only 4.1% — the lowest it’s been since 2000 – which means companies are having a harder time finding people to hire. That puts more bargaining power with workers, and it’s one reason why companies are turning to benefits like student loan assistance to sweeten the deal…”
Click here to learn more about how the Student Loan Repayment Benefit works!
If you are interested in offering your employees student loan assistance, contact the Creative Benefits team to support you in the decision making process & program approach. Email us at solutions@creativebenefitsinc.com.