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Data and Research September 3, 2015
Employees with Student Loan Debt Seek Workplace Help
They say they would value the assistance as much as health care benefits and 401(k)s.
Reported by Lee Barney
Nearly 80% percent of people carrying student loan debt would like their workplace to offer assistance with paying it down, iontuition, a member of the Ceannate companies, found in a survey of 1,000 individuals carrying such debt.
Fifty-five percent said they would rather that the amount of money they are paying for health care benefits go towards their student loan debt instead, and 49% said they would rather have help with their student loans than be offered a 401(k).
“Employers who rely on a college-educated workforce cannot ignore numbers like these,” says Balaji Rajan, chief executive officer of Ceannate. “Our survey shows that a majority of borrowers would greatly value an employee benefits package tailored to reducing and managing their student debt.”
Iontuition’s survey comes on the heels of a Bankrate.com survey that found 56% of Millennials with current or past student debt are delaying major life events, compared with 43% of older adults. The most common milestone they are postponing is buying a house, closely followed by saving for retirement and buying a car.