![]() ![]() "It's becoming more common - not just among Fortune 500 corporations, but midsize and smaller companies too," Betterment at Work general manager Kristen Carlisle told CNET. But experts say that number is growing as employers try to attract and retain quality candidates. 18 companies that offer student loan repayment benefitsĪccording to a June 2023 survey from the Society for Human Resource Management, only 8% of employers offer a student loan benefit. Not all workers have student loans, of course, and education benefits can take various forms, from tuition reimbursement to college savings accounts for employees with children. If you have multiple loans, the funds may be directed toward the largest one or the one closest to being fully paid off. There's typically a maximum dollar amount you can receive and some employers require a minimum amount of time on the job. ![]() But the typical plan offers matching funds or a predetermined recurring monthly payment toward your loan, either from the company or a benefits provider like Gradifi or Betterment. What Should Borrowers Do Now? How does student loan assistance work?īenefits vary from company to company, and employers may have different offerings depending on position or seniority. Read on: The Supreme Court Struck Down Student Loan Forgiveness. "By offering the benefits employees are craving, HR teams can maximize budgets while also boosting employee satisfaction in today's economy." " Our data shows that while demand for traditional benefits, like a 401(k), remains strong, employees are also heavily prioritizing emerging benefits like student loan matching programs," he said. The volatile economic turns of the past few years have led employers to curtail their benefits budgets, Gottfried said, so companies need to make sure that what they do offer aligns with what employees want. "Companies that want to stand apart from the pack and show workers they care about alleviating financial burdens should consider exploring new and innovative benefits they can offer to support borrowers," Gottfried said via email. On the flip side, 86% of workers said they'd stick with a company for five years if it meant they could take advantage of a student loan repayment perk. ![]()
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