What benefits do companies offer to help employees with student loan debt?

1 Loan repayment assistance

One of the most direct and popular benefits that companies offer to help employees with student loan debt is loan repayment assistance. This means that the employer contributes a certain amount of money each month or year to the employee's loan balance, reducing the principal and interest. Some companies may match the employee's contribution, while others may have a fixed or variable amount. The benefit may also have eligibility criteria, such as tenure, performance, or loan type.

3 Financial wellness programs

A third benefit that companies offer to help employees with student loan debt is financial wellness programs. These are programs that provide education, coaching, tools, and resources to help the employee improve their financial literacy, budgeting, saving, investing, and debt management skills. These programs can help the employee understand their loan situation, explore their repayment options, plan for their future goals, and cope with their financial stress. The employer may also offer access to financial advisors, counselors, or mentors who can provide personalized guidance and support.

4 Flexible work arrangements

A fourth benefit that companies offer to help employees with student loan debt is flexible work arrangements. These are arrangements that allow the employee to adjust their work schedule, location, or hours to suit their needs and preferences. For example, the employee may be able to work remotely, part-time, or on a project basis. This can help the employee save money on commuting, childcare, or other expenses, as well as increase their productivity, satisfaction, and work-life balance. The employer may also offer other perks, such as stipends, reimbursements, or discounts, to support the employee's flexible work arrangement.

6 Social impact initiatives

A sixth benefit that companies offer to help employees with student loan debt is social impact initiatives. These are initiatives that help the employee make a positive difference in their community, society, or environment, as well as align their work with their values and passions. For example, the employer may offer volunteer opportunities, donation matching, or advocacy campaigns for the employee to support causes or organizations that they care about. The employer may also offer loan forgiveness, deferment, or forbearance for the employee to work in public service or nonprofit sectors.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?