Attract & Retain Top Talent
Drastically improve your competitive advantage with this highly sought-after benefit
With costs for hiring new employees at an all-time high, finding a low-cost solution to retain those employees - especially top performers - is critical.
Offering student loan contributions as an employee benefit is a growing perk with many advantages:
Tax-free contributions: The CARES Act
allows employers to annually contribute up to $5,250 toward employees' student loan payments.
Stay ahead of the competition: 8% of companies offer this benefit in 2020, but over one-third will by 2024
Highly-valued by employees: Many rank it higher than 401k contribution or health insurance
Improve ROI: Cut recruiting costs as employee tenure increases dramatically for participants
By The Numbers
See how the student loan debt crisis is impacting the workforce
Total U.S. Student Loan Debt
Student loan debt is now the 2nd highest consumer debt category - behind only mortgage debt - higher than both credit cards and auto loans. 1
Impacted U.S. Borrowers
There are 23.2 million student loan borrowers under the age of 34, representing more than half of all borrowers. 2
Average Student Loan Debt
With an average monthly payment of $393, nearly 65% say they may seek a second job to help pay off their loans. 3
How It Works
Highly-configurable platform automates your unique rules for eligibility, repayment maximums, etc.
Works in conjunction with or separately from your tuition reimbursement program
Employees link their student loan accounts directly to service providers
Automated payments direct to student loan servicers
Monitor & optimize your program with insights from powerful reports