Why Companies Should Commit To Helping New Employees Pay Off Student Loans

Any employer would want their employees to have a great employment experience, especially those coming into a professional working setting for the first time. Providing a benefits package that addresses their needs speaks directly to their satisfaction with you and the company.

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A lot of millennials accept employment based on how well the job can help them in their quest to achieve freedom from student loan debt. A study done by The American Student Assistance, a nonprofit dedicated to eliminating financial barriers to attending college, showed that employees aged 22 to 33 stress about their student debt so often that it affects their health.

So much stress, in fact, that 86 percent of the 502 survey respondents said that they are willing to commit five years of their career to a job that will help them pay their debt back. Quality employees create more value for companies. Developing younger workers into valuable contributors that directly impact the health and success of your business is a must. In fact, 72 percent of employees say a benefits package offering is extremely or very important to their job satisfaction.

More importantly, financial assistance programs make your workers want to stay in your company. Remember that regular turnover hits your bottom line and offering benefits packages that are aligned with employee expectations (increasingly manifested in student loan payment assistance) play a huge role in employer loyalty.

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Seeking the help of Performance SLC alleviates the frustration out of the student loan payment process. More on the company’s services here.