Student Loan Guidance & Contribution (SLGC) programs have become the hot benefit for attracting and retaining college-educated talent. With numerous companies offering various versions of SLGC, it’s hard to know what should be included in your benefits.
A voluntary benefit should show a return on investment in the form of recruiting and retaining employees. In addition, a financial wellness benefit such as Student Loan Guidance & Contribution programs should also relieve financial stress and improve productivity. A good student loan repayment benefit takes the worry and confusion away from student loan repayment.
SLGC programs are still relatively new. Each year the nuances of federal repayment changes. The government adds, removes, and adapts conditions for income-driven repayment and loan forgiveness. Therefore, it’s practical to reevaluate a student loan benefit each year. A “standards” document is intended to look at a student loan benefit as a whole and determine which features are necessary to make a program successful.
Finding a partner that can provide a benefits program that is best suited to your employees’ needs is paramount to helping your organization deliver the premium perks with a clear return on investment.
We have updated the standards from last year to include the latest best practices. Employers can use this document to evaluate any SLGC program. The download includes evaluation criteria for:
► an SLGC management tool, platform, or dashboard’sfunctionality
► Counseling users on repayment options
► Employer contribution requirements
► Financial literacy, security, connecting to loan servicers, and more
Want to learn more? Download the standards guide for free today!