A November 29th article by Bruce Shutan in Employee Benefit News reports that student loan repayment programs are climbing the pantheon of employee benefits, according to a recent Pollfish survey of full-time workers with student loan debt.
Pollfish found that 23 percent of full-time workers with student loan debt would gladly give up healthcare benefits for a student loan repayment benefit. In addition, 46 percent would relinquish paid time off and 33 percent would do the same for retirement benefits in exchange for a repayment benefit. Also, 53 percent said they’d consider a salary cut in exchange for a student loan repayment benefit.
Further, 57 percent of the Millennials surveyed cited loan debt as a major stressor affecting their daily productivity.
As the article points out, this is a clear message to employers that student loan repayment programs are quickly becoming an essential part of a benefits portfolio in hiring and retaining top talent.
Interestingly, nearly 20% of Pollfish respondents said they receive a student loan repayment benefit from their employer and 65% reported they receive matching contributions each month.
Read the complete article for additional information.