Competitive Hiring Tool—Paying Off Employees’ Student Loans—Gains Traction
According to the Pew Research Center, as of June 2017, the total amount of U.S. student debt was $1.3 trillion; and 53 percent of all Americans under the age of 30 with a bachelor’s degree or higher had an outstanding student loan.
Why the Large Uptick in Student Debt Has Caught the Attention of Employers
Many employers are discovering that benefit programs such as 401(k) plans, with employer matching contributions, hold little attraction for recent grads, who are burdened by student loans.
As the unemployment rate continues to drop, and the competition among employers for professional workers has begun to heat up, a trend appears to be developing among accounting firms, financial investment firms, and other businesses that hire recent grads: they offer to provide “student loan repayment benefits.”
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