How Companies Offering Student Debt Assistance Can Help You
Student debt is one of the biggest financial struggles that millennials face today. According to Forbes, the student loan debt in America is over $1.5 trillion, which is more than credit card and auto loan debts. Graduating from college is exciting, but the thought of paying off the student loan for years is daunting. Fortunately, some employers offer student debt assistance as a benefit to their employees. In this blog, we will discuss how companies offering student debt assistance can help you.
It Reduces Financial Stress
One of the biggest advantages of companies offering student debt assistance is that it reduces the financial stress on employees. Knowing that your employer is willing to help you pay off your student loan means that you can focus on other things such as investing in your career growth, buying a house, or starting a family. You can save for your retirement and other expenses without worrying about the student loan payment.
It Helps You Save Money
Student loans can take years, if not decades, to pay off. Companies offering student debt assistance can help you save a significant amount of money on your student loan. Some employers offer up to $10,000 per year in student loan repayment. This amount can reduce your debt significantly and help you pay it off faster.
It Can Improve Your Credit Score
Paying your student loan on time can improve your credit score. If your employer offers student debt assistance, you can pay off your loan faster, which means you can improve your credit score in a shorter amount of time. A good credit score is important as it can affect your ability to get a mortgage, credit cards, and other loans.
It Makes You More Attractive to Employers
If you're looking for a new job, companies offering student debt assistance can make you more attractive to potential employers. Benefits like these can set a company apart from others and increase their appeal to potential employees. In fact, according to Gradifi, 86% of job seekers would commit to a company for five years if they offered student loan benefits.
It Helps You Achieve Financial Stability
Achieving financial stability is important for everyone, and student loan debt can be a significant barrier to achieving it. Companies offering student debt assistance can help you achieve financial stability by reducing your debt and improving your credit rating. This can help you save for retirement, build an emergency fund, and achieve other financial goals.
Paying off student debt can be overwhelming, but the good news is that some employers offer student debt assistance as a benefit to their employees. This benefit can reduce your financial stress and help you achieve financial stability. It can also make you more attractive to potential employers and help you save money. If you're looking for a new job, consider adding student debt assistance to your list of must-have benefits. It can help you achieve your financial goals faster and free you up to focus on your career.