Late last year, Forbes called student loan repayment the “The Hottest Employee Benefit Of 2017.”
It’s about to get even hotter. Why?
Legislators in the House and Senate have introduced tax bills that could change the game entirely. If approved, they’ll make loan repayment, like tuition assistance, tax deductible. And that will make it more valuable (and visible!) to both employees and organizations.
The Organizational Benefits of Student Loan Repayment
Why would you want to pay back employees’ loans? Two big reasons: recruitment and retention. Millennials are graduating with critical skills…and large volumes of debt. And they’re speaking loudly about their desire to bring those skills to employers who will help them with that debt. Last year, nearly half told our student debt study they’d look for loan assistance in a new job; a third said it would be their top benefit. In other words, if you’re looking for an innovative way to attract and retain people in the current talent market, this is it. And tax benefits will make it more affordable.
Getting Ready Now
Wise employers that have been first out of the gate are already cleaning up, generating the kind of enviable press that attracts news readers – and employees. With more employers not far behind – estimates say the benefit could more than quadruple this year – now’s the time to act.
Join our webinar on May 24th, as EdAssist Vice President Chris Duchesne will be talking to Julie Lammers of American Student Assistance (ASA) about the debt problem and the legislative response. As the ASA’s managing director of consumer advocacy and government relations, Julie tracks student loan repayment laws and will talk to us about what exactly the bills look like, their status, and what they could mean to you and your organization.
We’ll also look at the latest data around student loans, the benefits of repaying it, and what you can do now to be ready. Register now!