Student loan borrowers have made a wild tour in recent years.
The dream of generalized debt was extinguished, and a five -year stay for people who had lacks student loans expired in May this year. This summer, the Trump administration will garnish wages, tax reimbursements and the federal advantages of individuals in a student loan defect, in a decision that could potentially have an impact on millions.
It will be a cruel summer for millions of Americans who prepare for the worst, but there are measures that employers can take to support workers who work under the financial burden of student loan debt.
Services for student loans have become more popular in recent years. The number of employers offering student loan services has more than tripled in the past five years, from 4% in 2019 to 14% in 2024, according to the Society for Human Resource Management. And the number of job lists which included loan assistance on the labor platform doubled between 2019 and 2023, according to a report by the company.
Employers have a range of options to support staff trying to manage students’ debt, the integration of support for reimbursement of loans in retirement plans to provide educational assistance or even to allow workers to negotiate paid leave unused for loan payments. According to benefits Fortune In supposed, these programs are not without obstacles, but they can considerably stimulate the financial stability of employees and peace of mind.
“Business leaders can no longer ignore this financial pressure,” says Jeremy Yonan, vice-president of total awards on the site. “Student loan debt is not only a personal challenge, it is in fact a commercial imperative because the training effect appears in all corners of the workplace.
You can read the types of benefits that employees can offer to those who have a student loan debt here.
Brit Morse
Brit.morse@fortune.com
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