Want to Offer a Student Loan Repayment Benefit? New E-book Provides Roadmap
September 02, 2021
In a tight labor market, offering the right benefits can make all the difference in hiring and retaining the best talent. More and more job seekers, especially in-demand candidates with advanced degrees, are looking for benefits like Student Loan Repayment Assistance (SLRA), where employers help pay down their employees’ student loans.
SLRA is one of the most in-demand benefits, and companies without this offering risk being left behind. And, through a provision in the federal Consolidated Appropriations Act, SLRA is tax free through at least 2025.
Many employers looking to add SLRA to their benefits menu often do not know where to start. Now, Attigo by Ascendium Education Solutions is helping chart the way with its free Employer’s Guide to Student Loan Repayment Assistance e-book, showing how to quickly implement this prized benefit.
The new e-book has useful policy and operational templates and provides step-by-step guidance on how to implement SLRA in under 60 days, at any time of year, regardless of an employer’s budget cycle.
While many companies offer tuition assistance, only a small percentage of employees tend to take advantage of it. In contrast, 64% of indebted student loan borrowers are between the age of 25 and 50 (Federal Student Aid). Redirecting funds from a tuition reimbursement program to student loan paydown is just one way to fund this high desired program.
Student loan debt is one of the pressing issues of our time, causing workers to forgo owning a home or starting families. SLRA can ease employees’ stress and build loyalty. It directly addresses the burden that student loan debt places on today’s workforce, helping employees reach their financial goals and freeing up resources to build their futures.
The cost of losing an employee has been estimated at 1.5 to 2 times their salary.
“This handbook provides all the guidance that an HR professional needs if their organization is considering offering a student loan repayment benefit,” said Rick Klein, Senior Vice President of The Horton Group, an employee benefit consultant. “It is a must read, as well as a good resource to distribute, to help companies provide value to their employees that they are not getting anywhere else.”
Through this e-book, employers can leverage Ascendium’s 50+ years of experience, know-how, industry insight and relationships in adding a benefit that improves lives.
“This free SLRA e-book helps companies move quickly to implement SLRA to help their employees and also to help them attract and retain top talent in this highly competitive job market,” said Beth Erickson, Vice President - Repayment Solutions at Ascendium Education Group. “It’s our mission to help people reach their full potential and succeed in life.”
Attigo® is provided by Ascendium Education Solutions®, an affiliate of Ascendium Education Group®. For more than 50 years, Ascendium has made postsecondary education a reality for millions of people. We’re a nonprofit and the nation’s largest student loan guarantor, the provider of Attigo student loan repayment and financial wellness solutions, and a philanthropy whose mission is to elevate opportunities and outcomes for learners from low-income backgrounds. We believe in the boundless power of education and support big dreams. www.attigo.com