A survey released this week indicates that employees are strongly interested in student loan repayment benefit programs. As more and more graduates leave school with student debt and enter the workforce, we are starting to see clear signs that employer benefit packages with student loan repayment assistance could be the next big thing. The survey was conducted by Beyond, the Career Network, an online job career portal.
Of the 5,000 job seekers that were surveyed, 89% of the respondents indicated a desire for companies to offer student loan repayment programs. This is a massive number and significantly proves that the student loan market is salivating for employers to step up to help them.
The survey indicates that over 67% of respondents would "absolutely" be more willing to accept a job with an employer that offers student loans. This question stands out in our mind because it establishes a difference between an employer that offers a student loan benefit versus one that does not. It is clear people would seriously factor this into their decision making process when deciding where to work.
The survey found that 81% of respondents would rather stay with a company that offered the benefit than lose the benefit if they left. This is one of the points GradFin has been making for a long time. We believe retention rates would increase if companies add a student loan repayment benefit. If you want your employees to stay, help them with their student loans.
More information about the survey can be found here: http://www.businesswire.com/news/home/20160201005086/en/Survey-Finds-Student-Loan-Reimbursement-Hot-Benefit
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