Wellworks For You, a leading provider of employer wellness management and technology services, is partnering with PayForED to make their suite of student loan solutions available to their national population of members in 2019.
“Student debt affects a huge segment of the workforce. We determined that student loan assistance is a critical component when creating a robust financial and mental wellbeing program,” said Tom Tegler, Wellworks’ CEO.
Student loan debt is now the second-highest consumer debt category, behind only mortgage debt. Millennials are feeling the brunt of student loans. According to the Federal Reserve, total outstanding student loan debt has eclipsed $1.5 trillion. College seniors who graduated in the Spring of 2016 had an average debt of $37,172. (WSJ)
PayForED offers a comprehensive suite of college funding and student loan assistance tools that help employees and their families get organized and informed at each stage of the college loan process – before, during and after graduating from college. PayForED’s tools are personalized, and their proprietary database provides the most up to date information on college tuition and fees, admissions statistics, and historical gifting policies.
Before: Parents and students easily compare multiple colleges & loan choices in one place and get a customized award letter comparison.
During: Currently enrolled students and grad students can visualize the financial cost of their education by calculating their total loans at graduation with a list of all the loan repayment options available.
After: Recently graduated employees, married couples and parents who have accumulated college debt gain clarity on student loan repayment options, and avoid bad decisions on paying back student loans.
Mr. Tegler went on to say that “Pay For ED offered the most holistic financial solution that we could find. Importantly, their multiple colleges and student loan tools address both prevention and solutions to this emerging crisis. Wellworks For You is excited to partner with PayForED to help relieve employees’ financial stress and improve productivity.”