Have you graduated? Do you have an unpaid student loan? Find more about employers who’ll help you pay off your student loans. Also read through the other options available if you are not granted a repayment assistance.
More than 90% of the students, who graduate from a university, bear the burden of student loan debt. More than the joy of earning a degree or winning a job, what impacts the youth today, is the heaviness of the student loans that they are supposed to pay back. On an average $32,731 is paid off by a graduate in student loans. If these loans remain unpaid for several years, then most of the major milestones of life including a new hgome, retirement savings, and starting a family will be shadowed by the thought of the heavy debt that you have in your life.
Considering this as a mode to attract employees, most companies add student loan repayment assistance as a perk to the remuneration that they offer. Some organizations help in student loan repayment. As a very small percentage of the companies offer the benefit, it is a relatively untapped market.
A typical student loan repayment program offers $100 a month. However, there are other companies such as the First Republic Bank, that offers $100 for the first month, $150 for the second year, and $200 for the third year and beyond. There are even technology companies that offer $450 a month. Employers design the programs, inclusive of the requirements for eligibility, and contribution amounts that meet the requirement and retention goals.
Recruiting and retention are the key areas in this case. Studies have indicated that student debt assistance is far more welcoming than retirement contributions, child care or health insurance.
Through student loan assistance, several employees receive a positive impact on their lives. The difference in finances and peace of mind is offered by the student loan repayment assistance program. Elongation of retirement date is another outcome of student loan debt.
Aetna is an insurance company that matches student loan repayments up to $2,000 with a lifetime cap of $10,000 towards qualifying loans. Aetna is founded in 1853, in Hartford. Aetna provides products and services to professionals across the different fields and now functions as a subsidiary of the CVS Health Corporation.
Aetna united people with their health ambitions. In Aetna, each individual is recognized for his unique abilities to think and act. 75% of the organization’s employees are women and 64% of them hold top management positions.
Andersen tax offers regular full-time employees up to $100 per month for 60 months. Along with it was a lump-sum payment of $6,000 at the end of the five-year period for almost $12,000 overall. Tax, valuation, financial advisory, and related consulting services are offered to individual and commercial clients.
The organization is the founding member of Anderson Global, has over 600 global partners, and has marked the presence in over 139 locations. More than 19 cities across the United States is marked by the presence of the Andersen Tax.
Accounting firms, law firms, IRS and the State Taxing authorities have received the services of Andersen Tax. Multiple professional credentials along with a wide range of capabilities help clients with comprehensive and integrated solutions. The firm also aims at granting trust through relationships. Value-added and cost-effective solutions are granted to clients at different locations across the globe.
The e-commerce car-company called Carvana offers $1,000 to full-time employees to pay off the student loan debt. Carvana was founded by Ernie Garcia III, Ryan Keeton, and Ben Huston. The company was founded as a tech-based start-up, that allows online car-trade.