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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
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.