Getting Your Employer to Pay Off Your Student Loans
For some young employees, the most important benefit an employer can offer is not health care or 401K matching, but student loan repayment assistance. Companies are pursuing the option to lure millennial employees.
Stephen Dash is the Founder and CEO of Credible.com, a company that helps consumers and companies manage loan repayments and refinancing. Credible.com helps companies facilitate these new benefits packages.
Dash explains that benefits like these help young workers in the short run. According to an American Student Assistance poll of workers age 22 throgh 33:
86% of millennials would commit to an employer for 5 years if the company helped pay back their student loans.
93% of young workers would take advantage of a sign-on bonus targeted at paying back student loans.
92% would take advantage of a match for student loan repayments similar to a 401(k) match.
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The HBCU Transformation Project, a coalition of 40 historically Black colleges and universities, on Wednesday announced a $124 million gift from philanthropic funders Blue Meridian Partners to increase enrollment, graduation rates and employment rates for the schools' graduates.
