What could a Student Loan Repayment plan mean to your company's bottom lines?

Calculating...

$1,500 turnover savings opportunity
What could my student loan repayment plan look like?
Eligible employees:
? We assume that 100% of eligible employees have college degrees.
Estimated enrollment:
employees (% of eligible employees) ? Enrollment estimate is based on the age distribution of your industry and corresponding rates of student loan indebtedness. We assume that all eligible employees with student debt will enroll.
Monthly employer contribution:

$100 per participant ? Employers are commonly considering monthly contributions of $50-$500, but most commonly $100. This contribution is taxable to the employee.

Benefit budget allocation:

$246,000 ? Assumes $100/month contribution for all employees enrolled in the student loan repayment plan.

What could this mean to my business?
  • Differentiate vs. competitors
  • Reduce turnover costs by ? Cost savings are based on a 36% increase in job tenure among employees enrolled in the student loan repayment plan. See the 2015 Millennial Benefit Preferences Study for more details.
  • Help employees save years of loan repayment ? Employer contributions accelerate employees’ loan payoff, saving them over $11,000 in principal and interest, on average.
  • Hire 13% faster ? 85% of college-educated Millennials would accept a job when student loan repayment is offered, 13% more than the national average job acceptance rate of 74%. See the 2015 Millennial Benefit Preferences Study .
  • Improve diversity ? College-educated women and minorities are among the most likely to place a high value on student loan repayment. See the 2015 Millennial Benefit Preferences Study .
Peanut Butter can help design a plan to fit your needs
  • Should we offer the plan to all employees or only some?
  • How much should my company contribute?
  • What strategies do companies use to budget for student loan repayment?