Seventy percent of today’s new graduates are coming to work carrying an average of $35,000 in student loans, which impacts job decisions as well as performance. Many companies have found a way to compete for top talent while helping to ease this burden: student loan assistance programs. These programs can support a range of business goals, from attracting key employees, to retaining them, to supporting development of a particular skill set. Read on to find out what an employer student loan repayment program can mean for your organization.
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Whether looking to beef up a talent pool in a specific specialty, hoping to reduce turnover, or trying to attract younger workers to replace boomer retirees, your policy design should be approached with business goals in mind. Decisions may include which workforce populations you’re trying to engage, the repayment amount that will produce the greatest ROI, and what supporting services are available for your employees. Our policy experts bring education assistance experience from hundreds of large employers to help you design a tailored and strategic program.
Widespread confusion about student loans is a contributor to the debt crises. To help employees be good stewards of the loan payments employers are making on their behalf, they need credible, objective, and personalized guidance. Access to EdAssist’s expert education debt counseling ensures that employees feel confident about their ability to repay, reduces time employees spend researching repayment options, and guides them to simultaneously make payments alongside the employer to reduce the length of the loan.
EdAssist’s administrative software platform and compliance services team combine to run an efficient student loan assistance program. Employees apply for the benefit through a convenient web-based system, and EdAssist handles of the verification and payment processes on your behalf. Your organization’s contributions to employee loan debt can be sent directly to loan servicers or to the employee, and system reports keep you apprised of program performance.
Return on investment comes not just from seeing the student loan assistance program’s results at year end, but from knowing how you’re doing along the way. Your dedicated account manager can help you evaluate your program's performance and continue to ensure that it meets your goals. By linking your policy and program design to your overarching goals, and automating the administrative process, our program can help you confidently gauge its impact. A targeted program will show meaningful progress, and better equip your organization to outcompete your peers for talent.
"EdAssist adds a critical piece to enhance our employee experience and help our dollars go further."