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Companies lure new employees with student loan repayment help

On Behalf of | Dec 22, 2016 | Chapter 7

When considering whether or not to take a new job, many people in Davidson look at not only the salary offered but also the benefits. Standard benefits include health insurance, retirement plans and paid vacation or other time off. In order to entice new employees, companies are now looking to add another benefit to the mix: assistance with repaying student loans.

This type of perk may be especially attractive to millennials. According to Money Magazine, 70 percent of young adults in the workforce have at least one long-term debt they are working to pay off and for many it is student loans.

In order to make their loan payments, many millennials are foregoing other things such as getting married and buying a home. Therefore, it should come as no surprise that one survey found that 76 percent of respondents said that student loan assistance would factor into their decision whether or not to accept a position.

Leading the way with offering this new type of benefit is the financial industry. Some companies are offering employees $2,000 per year to help repay their student loans. According to Forbes, other industries are starting to get in on the action. Some health care, publishing and technology companies are also offering loan repayment as a benefit, with one company offering as much as $6,000 per year. While currently only 4 percent of companies are doing this, the trend is expected to spread to other companies in the near future as it is a great way to attract and retain talent with little overall cost the company.


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