Roy Gilbert

Why more employers are helping workers pay off student loans

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Former Trump official calls for student loan …

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Oct 24, 2019 01:44 buttons/button-playertray-rightbuttons/button-playertray-right Americans collectively owe nearly $1.5 trillion in student loans — more than twice the total a decade ago. It’s a burden that weighs on millions of adults, shaping their life choices and often delaying their financial goals.

Now a small but growing number of employers are stepping in to help. About 8% of employers offer student loan repayment assistance in 2019, according to the Society for Human Resource Management. That’s up from 4% in 2018 and 3% in 2015.

Some experts anticipate more employers will add their own programs to help hire and hold on to a younger generation of workers that is more bogged down with debt than its predecessors and increasingly cites loan repayment assistance as a benefit they need to have.

“The burden of student loan debt has become salient and exhausting,” said Julia Pollak, a labor economist at ZipRecruiter. “It’s crushing … there is huge demand for student loan assistance.”

In 2016-2017, almost 60 percent of people who graduated with a bachelor’s degree took on debt and the average amount among that group was $28,500, according to The College Board. For some who seek advanced degrees, the borrowing can grow to $100,000 or more. Shaving years off repayment Brittany Hamilton, 27, graduated from college in 2015 with $32,000 in debt, even though she worked full time while earning her bachelor’s degree. She went to work […]

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