If you’re wondering why so many 2020 Presidential hopefuls are talking about solving the student loan crisis, it’s because student debt has ballooned to $1.5 trillion dollars. Who would stand to gain the most from forgiveness programs? Women grads.
that only 4% of its members offer student loan repayment benefits, with that figure going up to 8% for large companies of more than 40,000 employees. Most of these programs offer modest monthly repayment assistance, between $80 - $100 per month per employee for a limited number of years.
But it's also clear why companies are offering this type of program. It is a direct response to anxiety by young workers about their mounting debts.conducted by the private nonprofit group American Student Assistance found that repaying student loans is the top concern of young workers.
Having a student loan repayment program can be tricky to implement because it currently isn’t like other pre-tax benefits like a health saving account or other traditional employee benefits. It is fully counted as income by the federal government. But the uniqueness of these types of programs in solving a major pain point for young workers could be worth the cost.
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