Although tuition reimbursement is a more popular option, recent research indicates companies may be able to improve employee morale and retention by providing student loan repayment assistance.
Thirty-eight percent of representatives from companies that offer student loan repayment help felt the practice had a positive effect on retention; 44 percent said it had helped improve employee morale, and 41 percent felt having an employer student loan repayment program had enhanced their recruitment efforts.
Eighty-five percent of companies believe employees would take advantage of student loan repayment help, if it were offered — particularly millennials, due to their high level of student loan debt.
To find out more — including the average amount of student loan repayment assistance companies supply — check out Employers’ Perspective Survey 204: Student Loans and Higher Education Benefits from student loan repayment tool provider IonTuition.