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What could a Student Loan Repayment plan mean to your company's bottom lines?
$1,500 turnover savings opportunity
What could my student loan repayment plan look like?
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?