CU Benefits Alliance Helps Credit Unions Attract Millennials With New Perk
96% of millennials ranked this benefit as one of their most valuable
BEAVERTON, Ore., Aug. 14, 2017 /PRNewswire/ -- CU Benefits Alliance LLC ("CU Benefits"), an employee benefits consulting firm serving financial institutions, is helping credit unions attract and retain the right millennials to their workforce.
Millennials will make up the majority of the workforce in a few short years. Credit unions and every other employer must find ways to compete for the very best young talent. CU Benefits Alliance has created a solution. It's called CU Student Loan Repayment Benefit.
Credit unions love to hire college students and college graduates. With that hiring strategy comes the baggage that many young grads carry: student loan debt. "Student debt is a heavy burden for young employees, and is often a bigger priority than retirement savings," says John Harris, CEO of CU Benefits Alliance.
Adding a student loan repayment assistance benefit can help credit unions recruit and retain Millennials with student loans. Many of them are now graduating with an average of over $30,000 in education debt, and entering the workforce out of college with monthly payment obligations averaging $290 per month.
A credit union that implements the CU Student Loan Repayment Benefit could help an employee with $30,000 in student debt at 6% interest and 10-year payoff term save $11,670 in interest at a $100 per month contribution level. The program is simple to manage through the CU Benefits partner platform that facilitates payments, supports onboarding, consolidates multiple loans and provides program reports.
About CU Benefits Alliance LLC
CU Benefits is an innovator in the development, delivery, and management of employee benefits plans that strengthen a credit union's most valuable resource, its employees. Established in 2010 through a credit union driven collaborative initiative to take control of healthcare spending, improve benefit plan design and provider network access.
Contact:
CU Benefits Alliance LLC
John Harris, President
Phone: + (1) 877-674-7555
Email: [email protected]
SOURCE CU Benefits Alliance LLC
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