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Student loan borrowers have been on a wild ride over the past few years.
It’s going to be a cruel summer for millions of Americans bracing for the worst, but there are steps that employers can take to support workers who are laboring under the financial burden of student loan debt.
Employers have a range of options to support staff trying to manage student debt, from integrating loan repayment support into retirement plans to offering educational assistance or even allowing workers to trade unused paid time off for loan payments. According to benefits specialists Fortune spoke with, these programs aren’t without obstacles, but they can significantly boost employees’ financial stability and peace of mind.
“Business leaders can’t ignore this financial pressure anymore,” says Jeremy Yonan, VP of total rewards at job site Indeed. “Student loan debt isn’t just a personal challenge, it’s actually a business imperative because the ripple effect comes up in every corner of the workplace.
