More than 42 million Americans owe more than $1.61 trillion in student loan debt—an average of $38,000 per borrower, according to a new report from WalletHub. Accounting for a fixed interest rate of 6.53% on federal undergraduate loans, it would take 20 years' worth of $284 monthly payments to pay off that $38,000 debt.
Last week, President Biden introduced a new student loan relief proposal aimed at borrowers facing "hardship," according to the Department of Education, however, this is his third attempt at debt cancellation, so for now employees will need to continue to keep making payments.
With October being National Financial Planning Month, it's the perfect time to engage employees with smart money management tips. Employers should consider these tips to help employees pay down student loan debt faster and begin investing in a long-term financial plan, suggests the Illinois CPA Society (ICPAS):
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
