Companies Helping Employees Pay Down Their Student Loans

Companies Helping Employees Pay Down Their Student Loans


ABOUT THREE-QUARTERS OF COLLEGE STUDENTS ARE GRADUATING WITH DEBT. IN FACT, THE AVERAGE BALANCE IS ABOUT $35,000. SOME OF THESE NEW GRADUATES ARE GETTING SOME HELP PAYING BACK THOSE LOANS. AS CHRIS McKINNON EXPLAINS, THEIR EMPLOYERS ARE PICKING UP THE TAB. Reporter: THIS IS LIKE A LOT OF RECENT GRADUATES. I CURRENTLY HAVE ABOUT $50,000 IN STUDENT LOAN DEBT. Reporter: SHE IS GET HELP FROM A NEW EMPLOYEE BENEFIT. $1,200 A YEAR FOR THE NEXT SIX YEARS TOWARDS HER STUDENT LOANS. MILLENNIALS ARE REALLY TRAPPED UNDER A MOUNTAIN OF DEBT. WE SAW THIS AS AN OPPORTUNITY TO DO SOMETHING THAT MATTERED BOTH TO OUR PEOPLE AS WELL AS FOR SOCIETY. Reporter: RIGHT NOW, ONLY ABOUT 3% OF COMPANIES OFFER THIS BENEFIT ACCORDING TO THE SOCIETY FOR HUMAN RESOURCE MANAGEMENT. BRUCE ELLIOT EXPECTS THAT NUMBER TO TAKE OFF. I THINK THAT THIS IS REALLY THE BEGINNING OF A TREND WHERE WE’RE GOING TO SEE THIS BENEFIT EXPAND INITIALLY ARE IN THOSE COMPANIES THAT HIRE YOUNGER EMPLOYEES. Reporter: COMPANIES HOPE A LOAN REPAYMENT PROGRAM WILL HELP THEM HIRE AND RETAIN GOOD WORKERS. THIS IS ADVANTAGEOUS BOTH TO THE COMPANY AND TO THE EMPLOYEE TO THE EXTENT THAT IT KEEPS THE EMPLOYEE MOTIVATED. IT PROVIDES EXTRA DISPOSABLE INCOME TO THE EMPLOYEE ON A MONTHLY BASIS, AND FOR THE EMPLOYER IT KEEPS THE EMPLOYEE. Reporter: A GLOBAL TALENT LEADER AT PRICEWATERHOUSE COOPER HOPES THAT HAPPENS. THE STUDENT LOAN PAYDOWN BENEFIT IS AN INVESTMENT IN OUR FUTURE. THE SOONER THEY PAY OFF THE STUDENT DEBT THE SOONER THEY ARE ABLE TO REINVEST NOT ONLY IN THEIR LIVES BUT IN OUR ECONOMY AND SOCIETY. Reporter: AN INVESTMENT THAT LEAVES HER FEELING GRATEFUL. IT WILL MAKE QUITE A DIFFERENCE. IT WILL LOWER THE AMOUNT OF TIME THAT IT WILL TAKE ME TO

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