The average college debt is around $30,000. And it reflects a larger trend – people giving up on the specific purpose of college merely to pay back the cost of attending.
Back in 2015 during the AFC football championship, New England Patriot Julian Edelman (who is not a quarterback) threw a 51-yard touchdown pass that changed the course of the game. That moment holds lessons for businesses as well as football teams.
It’s not just about the money. That’s one of the takeaways of a recent webinar discussion with EdAssist’s Mark Ward and Tracy Beard about maximizing the efficacy of today’s tuition programs. How much you cap your programs is one aspect: how you design them is another.
Data shows how big a role college plays in financial wellness, both for today’s parents trying to survive without resorting to a diet of macaroni and cheese, and tomorrow’s graduates doing the same while saddled with large amounts of debt. And that compromised financial wellness has known costs for employers.
Until recently, most of the hand-wringing on student loans has focused on how to help people avoid amassing so much debt in the first place. But more and more companies have started asking the question from the other side of the equation: “How can we help people with the student debt they already have?”
No matter what the job, there’s a lot to be said for letting the experts do what they do best. In our work at EdAssist, I hear people say often that they thought running an education assistance program would mean a rubber stamp and a checkbook. Then they tried it out.