According to the Fed, the average student loan debt for the Class of 2016 graduates was $37,172, up 6% from the previous year. There are 44.2 million Americans that contribute to the $1.48 trillion-dollar student loan debt total. According to an article on Student Loan Hero, the average monthly student loan payment is around $351.
Online solutions are available that enable employers to make direct contributions to their employee’s student loans. Smaller employers can pay the loan directly to the lender. The employer can be selective and strategic when offering this benefit. Student loan repayment plans are not tax deductible to the company and considered taxable income to the employee.
Whether you are paying the loan directly to the lender or through a third party, employers might ask, if this is not tax deductible to the business, why consider this option? The answer is simple - it is a powerful recruitment and retention tool! This sends a loud message to the employee or recruit that you care about them, the value of their education, and their future. Do you think a recent college graduate would prefer assistance with their student loan or enrollment in your pension plan? Retirement is a long way off and extremely important, however, their immediate pain point is most likely their student loan debt.
As your partner, we look forward to discussing this approach to recruitment if you believe this is a fit for your organization.
Good news! You may be eligible for a subsidy through Covered California, the state of California's Health Benefit Exchange. Navigating Covered California can be tricky and time-consuming, and we're here to help if you need it.
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