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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

Learn why HRAs may work better than HSAs for public sector employers.

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/

National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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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 advisor and advocate for his clients, helping to identify goals for their benefit programs and building a strategic plan together. Rick has a rich history with NIS. He has worked for NIS for over 20 years, leading the Eastern region. Rick is the manager and leads the FBC Client Management Team. Rick’s leadership and experience aids our internal staff and all of NIS’ FBC clients. Rick is a licensed insurance agent and is ACA certified through the National Association of Health Underwriters.