New Survey Shows Student Loan Debts are Stressing Out Employees
Employers See Value in Offering Student Loan Repayment Assistance as Part of Their Employee Benefits Packages
ROLLING MEADOWS, Ill., June 22, 2016 /PRNewswire/ -- IonTuition.com, the leading education-fintech company specializing in helping borrowers monitor and manage their student loans, today announced the results of a new survey confirming that employers see the need for student loan repayment assistance as part of their employee benefits package.
IonTuition surveyed more than 400 middle managers to evaluate their perspectives on student loan assistance programs as an employee benefit. The results of the survey were clear: employers see value in helping employees manage their student debt and are willing to offer programs that lessen the financial stress.
Nearly all respondents believe employees with student loans would take advantage of a student loan repayment benefit and that this benefit would improve employees' morale, productivity and general well-being, while providing the company with a talent recruitment and retention advantage. Respondents also said employees would appreciate the convenience of making their student loan payments via payroll deductions.
Selected survey results:
- Stress test: More than 90 percent of respondents recognize that student loan debt creates stress for employees. Approximately 80 percent are aware that this financial stress decreases employee productivity.
- Show me the benefits: More than half of respondents know that prospective employees view benefits as the most important aspect of a company, taking priority over company culture, commute and reputation, when evaluating a job offer. Almost 85 percent of respondents think employees would take advantage of a student loan repayment assistance benefit.
- Attract and retain: Nearly 80 percent of respondents believe offering a student loan repayment program would support talent recruitment. Also, 70 percent of respondents believe that offering such a program would improve employee retention and morale.
- Plan for the future: Student loan assistance helps employees save and plan for the future. Nearly 75 percent of respondents think that employees contribute less money to their 401(k) because of their student loans. Nearly 85 percent of respondents stated that employees would appreciate the option of making their student loan payments via automatic payroll deductions.
"Student loan debt connects employers and employees in a very meaningful fashion. Just like healthcare and retirement plans, student debt repayment assistance is applicable to more employees than tuition reimbursement or 401(k) plans in today's context. It is great to see so many employers step up and become early adopters," said Balaji "Raj" Rajan, CEO of IonTuition.
The IonTuition.com portal provides employers with an elective benefit for their employees, helping them set up student loan payments via payroll deduction, establish optimal repayment strategies and monitor their student loans. The company delivers interactive, user-friendly tools that guide current and former college students through the education finance process, customized to fit the evolving goals and life circumstances of each and every user. IonTuition users can call a toll free number, email or chat online with trained student loan counselors for more complex resolutions.
For partnership inquiries, visit iontuition.com/Partnership/Employers or call 888.853.8323.
About IonTuition™
IonTuition provides employers and colleges with a web-based student loan management tool their employees and students can use to better understand, manage and pay their student loans. IonTuition displays loans – both federal and private – in a user-friendly dashboard, eliminating the need to log in to multiple loan servicer sites to make loan payments. In addition to an ROI-based college selection tool and member discount program, users are connected to expert student loan counselors, financial literacy content and a monitoring service that keeps them aware of critical changes to their loans via email, text, and mobile app alerts. Learn more at IonTuition.com
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Media Contact:
Alexandra Naess
FortyThree, Inc.
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SOURCE Iontuition.com
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