With the cost of college increasing, employers are trying to help employees tackle their student debt. According to the Federal Reserve, student debt has increased to more than $1.6 trillion. Read this blog to learn about how Northern Rivers Family of Services, a New York-based nonprofit, is paying their employee’s student debt.
Northern Rivers Family of Services, an Albany, New York-based nonprofit social services organization, has partnered with IonTuition to bring a student loan repayment benefit to the employer’s 1,400 employees.
Northern Rivers decided to take on the student loan problem by offering employees the valuable wellness benefit, which is also a powerful recruitment and retention tool, company representatives said. Indeed, student loan debt has soared to more than $1.6 trillion, according to the Federal Reserve, yet only 8% of employers offer their workers a student loan benefit, according to the Society for Human Resource Management.
“Student loans are a growing concern for today’s workforce,” says Linda Daley, chief human resource officer with Northern Rivers. “Sixty-five percent of our staff holds a bachelor’s degree or higher, and they’re saddled with the burden of student loan debt.”
Some employers that offer student loan repayment programs include Trilogy Health Services, Selective Insurance, Travelers Insurance, Wayfair and New Balance.
Employees with Northern Rivers will have access to a complete suite of student loan repayment tools plus a monthly contribution program, including concierge student loan advising, free accounts for family members, unbiased refinancing, default and delinquency recovery services, and college research tools.
“The repayment program is available for all benefit-eligible employees at Northern Rivers, which is approximately 1,060 of our employees,” Daley says. “With the IonTuition platform, the program was easy to roll out and our employees were immediately equipped with all the tools they need to reach financial wellness.”
Employees must have a minimum of six months with Northern Rivers to sign up for the contribution plan in which the organization will pay $35 a month toward employees’ student loans.
“Attracting and retaining quality talent in the nonprofit space is challenging,” Daley says. “This benefit gives our employees the security that their student loan payments are more manageable. ”
SOURCE: Schiavo, A. (16 December 2019) “Nonprofit launches student debt benefits program for employees” (Web Blog Post). Retrieved from https://www.benefitnews.com/news/nonprofit-launches-student-debt-benefits-program-for-employees