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The Most Important Employee Benefit Since 401(k)s?Student loan assistance isn’t just the latest twist in corporate perks like unlimited vacation and free food to attract top-notch employees. The issue has become a major focus on the U.S. presidential campaign trail, and the Society of Human Resource Management this year noted student loan repayment as a growing employee benefit.(Government Executive)
Student Debt Impedes Participation in Retirement PlansIn a recent survey, nearly 80 percent of workers with student loan debt said they would like to work for a company that offers repayment assistance, such as by matching employee contributions on student loans; 49 percent of student loan holders said they would prefer student loan payment contributions over a 401(k) plan at this point in time.(SHRM Online)
Loan Assistance Can Attract ‘Reality-Driven’ MillennialsAlmost 7 in 10 college grads owe money, with an average debt of $28,400 for the Class of 2013, according to the Institute for College Access and Success. Companies offering loan repayment assistance are contributing $50 to $200 a month to help employees pay down student debt, according to Brendon McQueen, chief executive officer of employee student loan management firm Flex395.(Reuters via Streetinsider.com)
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