Student Debt: A Growing Problem for All Employees
Since 2015, student loan borrowing has increased with nearly 4 million additional students and parents taking out loans.
We conducted surveys polling over 1,000 student loan borrowers each in 2015 and 2017. Then we compared the results.
Our data shows that student loan debts are continuing to grow, with borrowers carrying higher amounts of debt for longer periods of time.
Unsurprisingly, more workers are seeking companies that offer student loan repayment benefits. In fact, about half of respondents would prefer student loan repayment assistance over traditional benefits such as health care or 401K plans.
For younger workers in particular, the ability to stay on a parents’ health plan, select a low-cost, high-deductible health plan not offered by an employer, and prioritize debt elimination over retirement savings may account for this finding. Employers interested in attracting fresh talent will have to begin offering the alternatives that millennials are leaning toward.
To read the full report, visit: http://www.getsuccess.info/studentloan_report_2017