Employers recognize the need for student loan repayment assistance as part of their employee benefits package, a survey of 400 managers by IonTuition found.
Ninety percent think student loans are creating stress for their employees, and
80% think student loans are making their employees less productive. More than
half think that their employees view their benefits as critical—more so than
company culture, commute and reputation—when evaluating a job offer.
Eighty-five percent think their employees would take advantage of a student
loan assistance benefit.
Eighty percent think that if they had such a benefit, it could help them recruit talent, and 70% think it would improve retention and morale. Seventy-five percent think that employees with student loans contribute less to their 401(k), and 85% think their employees would like payments to their student loans to be automatically deducted from their payroll.
“Student loan debt connects employers and employees in a very meaningful fashion,” says Balaji Rajan, CEO of IonTuition. “Just like health care and retirement plans, student debt repayment assistance is applicable to more employees than tuition reimbursement or 401(k) plans.”