As student debt continues to increase, more employers are beginning to include student loan assistance as a financial wellness benefit in the workplace. Current solutions only help a fraction of employees, mainly employees with student loans.
PayForED believes a broader approach to the student loan decision needs to be taken. The amount of financial stress that these decisions put on both the parents and students is increasing. If financial wellness is to reduce all financial stress, then a student loan assistance program needs to include the debt decisions and repayment together.
The PayForED’s comprehensive suite of student loan solutions steps families through the financial aid process and generates custom analysis based on a families’ financial aid position, budget, and the colleges being considered. We believe having additional information makes the consumer’s experience more informed and allows families to make better financial decisions concerning educating their children and then when you graduate helps with student loan repayment.
Paying for college is one of the most important and expensive decisions for both a parent and their child. PayForED reduces the stress that many families encounter during these important decisions with a focus on student debt. It is the only solution that evolves with the family during the whole education funding and repayment journey.
Employers are trying to ease the stress of student loan debt for their employees by contributing additional funds to their employee’s student loans. What most employers and employees don’t know is that sometimes the company contributions go to additional fees or taxes and don’t reduce the debt at all.
Employers need a more holistic approach to address the student debt crisis. PayForED is the only comprehensive financial wellness benefit that covers the multi-gen employee workforce. The PayForED software and education platform can help recent graduates, employees considering advancing their education, employees stressed by the burden of student loan debt, as well as parents planning for their children’s education.
Why Employee Financial Wellness Should include Student loan assistance & PayForED?
- Help a larger percentage of your workforce.
- Reduces employee stress
- Easy to implement and cost-effective.
- Adds prevention and personalized answers to the problem.
- Independent and impartial advice
For current employees, student loan assistance as a financial wellness benefit is projected to increase to 33% in U.S. companies by 2020. According to the Federal Reserve, as of July 2020, Americans owe $1.7 trillion dollars in student debt. Yet of the 45 million people often mentioned, only about half are in repayment. The other half are still incurring the debt which will make this problem much worse in the future.
If you are an employee facing student loan problems, find out if your employer currently has a student loan assistance benefit. Becoming informed on how to repay your student debt can help relieve stress and provide answers to your repayment and forgiveness questions. The solution to the student debt problem is not just repayment but making better decisions while the debt is being incurred.