Student loan borrowers have been traveling wildly for the past few years.
Wide dreams Debt forgiveness It has been extinguished, and the defaulter has been suspended for five years Student loan expires This May. This summer, Trump administration Wages, tax refunds and federal benefits will be received in student loan defaults, which could affect millions.
It will be a brutal summer for millions of Americans, but employers can take some steps to support workers who work under the financial burden of student loan debt.
Benefits for student loan aid have become increasingly popular over the past few years. Over the past five years, more than twice the number of employers offering student loan benefits, from 4% in 2019 to 14% in 2024, according to Human Resources Management Association. And the number of job lists including loan assistance on the platform’s handshake doubled between 2019 and 2023 According to the report From the company.
Employers have a range of options to support employees trying to manage student debt, from integrating loan repayment support to retirement plans to providing educational assistance, and even allowing workers to trade unused loan payment times. According to welfare experts wealth When talking to it, these plans are not without barriers, but they can significantly improve financial stability and peace of mind for employees.
“Business leaders no longer ignore this financial pressure,” said Jeremy Yonan, vice president of overall rewards at the job site. “Student loan debt is not only a personal challenge, but it is actually a business force because there are ripple effects in every corner of the workplace.
You can read about the benefits of people whose employees can provide students with student loan debt here.
British
brit.morse@fortune.com
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