Offering a student loan repayment assistance plan as part of an employer's benefit package could be an exceptional recruiting and retention tool.
Across the country, companies of all sizes seek to recruit and retain top talent by offering more than salary – employees want substantial benefits packages. One highly desirable benefit that's gaining more attention is student loan repayment assistance. In this up-and-coming, underserved market, third-party benefits administrators have an opportunity to fill a need that is predicted to soar in the coming years.
From 2008 to 2018, tuition rates at public colleges and universities increased by an average of 37%. In some states, tuition costs have doubled over that same time period (Louisiana 106.9%; Arizona 92.4%). Part of this is due to demand, but rising costs can also be attributed to increased overhead and cutbacks in state funding for higher education.
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