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Trending: Millennials Seek Employers Offering Student Loan Repayment Programs

student loan repayment program

1 minute read

As millennials graduate from college and begin looking for employment, many are saddled with student loan debt - $1.6 trillion in the U.S. alone.1 It’s a financial hardship and stressor that employers are starting to recognize as something that can ultimately affect their bottom line. That’s why some public sector employers are adding a student loan repayment program to their benefits package.

According to a survey from American Student Assistance, student loan debt is the biggest financial concern for workers aged 22-33. The report also shows that 86% of employees will commit five years to a company in exchange for repayment help. In addition, almost half of employees are looking for some type of loan repayment assistance when choosing a job.1

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The Harvard Business Review found that millennials desire for student loan assistance comes in third after health insurance, flexible hours and vacation time. Adding a student loan repayment program to your benefits package can be a good way to attract and retain employees well into the future.

1 https://www.benefitspro.com/2019/02/08/student-loan-repayment-2019s-most-in-demand-employee-benefit/

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Rick Labian

Rick Labian

Rick Labian lives by the Golden Rule – he is guided by what is best for his clients and treats others as he would like to be treated. Rick acts as an adviser and advocate for his clients, helping identify goals for their benefit programs, and building a strategic plan together. Rick worked for NIS for 20+ years, eventually heading up our Eastern Region. He managed client’s life and disability insurance. When he left NIS, Rick worked in the medical insurance field. As Account Manager, Rick works with Michigan and North Carolina clients who use our full benefit consulting services. He helps employees and employers answer policy-related questions, resolve employee claim issues with carriers, and assists with employee or insurance committee meetings. Rick is a licensed insurance agent and is ACA certified through the National Association of Health Underwriters.