Find out how you can add a Student Loan Repayment Program WITHOUT a significant increase to your current benefits budget.
• Empower employees to manage employer-matched funds to best fit their financial goals
• Funds can be directed to student loans, retirement savings, or a combination
• Compatible with all 401(k) and 403(b) retirement plans
• Companies can offer student loan repayment without a significant increase to their benefits allocation
• Implementation is simple and requires no changes to your retirement plan benefits
of employees would stay with an employer for at least five years if they received help with student loan debt.
of students are graduating with student debt. This burden creates workplace stress that negatively impacts productivity.
of employees suffer from financial stress
of employees are distracted by finances at work
of employees cite student debt as leading cause of financial stress
of debt holders say student debt is ruining their quality of life
“This program has drastically reduced my financial stress , and I am deeply grateful.”
“The result is a bigger payment from me that actually adds to principle.”
“I enjoy the fact that the company pays
on debts accrued before employment.
Most employers will pay for future
education but not prior education.”
Offer employees a student loan repayment benefit using employer match funds — without a significant increase to your benefits budget.
Employee allocates matching dollars to a retirement plan, student loan repayment, or allocates a percentage toward both.
Your payroll deductions and employer match are computed and reviewed to ensuring elections follow benefits plan. You send payment for the cumulative amount, then we process and apply payments to each employee’s student loan.
Total amount available for employer match is governed by your company’s existing retirement plan. There’s no increase in terms of dollars currently allocated toward matching benefits unless you choose to increase it.
Let’s say you have $30,000 in student loan debt with a 10-year term and 6% interest rate. If you make your regular payments while your employer pays $100 a month, you would pay off your loans nearly three years faster and pay about $11,600 less over the course of the loan.
Request a proposal today to find out if a Student Loan Assistance Program is right for your company.