The Impact of Student Loan DebtToday’s college students are graduating with an average of $37,000 in debt, and the number continues to rise. This financial burden is killing productivity and holding back the careers of employees throughout the workforce, even for the most motivated workers. Roughly 70% of managers report that personal financial challenges are impacting employee performance , and 58% of workers feel the need to search for higher-paying jobs to address their debt.
With so much debt, employees are less likely to invest in additional training in critical skills for which employers are desperate, even though this education could eventually brighten their career prospects. And the stress of massive student debt can sink employee engagement and create a more dispirited workplace.
An employer student loan repayment program can successfully address these challenges, enabling workers to find financial security and advance their careers. Student loan repayment benefits help workers to pay down their loans more quickly and connect workers with financial advisors for guidance in managing the balance of their loan payments advantageously.
The benefits for employers are significant. By freeing workers from the burden of debt, employers can build a brand that attracts top talent, retains promising employees, and creates more loyal workers. With less debt, workers are more likely to pursue new degrees and certifications, helping employers to cultivate the skills that allow the organization to compete effectively. And by relieving the stress of student debt, employers can help to create a more productive and engaged workforce.
Employer Student Loan Repayment Programs from Bright Horizons
Bright Horizons is the longest-running provider of employer student loan repayment programs. With more than 30 years of experience in employee benefits, we’re experts at tailoring programs that adapt to the needs of your workforce as well as the goals of your business.
Highlights of our employer student loan repayment programs include:
• Flexible Design: Our team will work closely with you to determine the right enrollment criteria for maximum participation and results. Choose a global roll-out or a targeted population and adjust student loan contributions to drive increased retention. Our configurable platform can automate your unique benefit rules and can work in conjunction with our employer tuition assistance programs.
• Financial Wellness Coaching: Successful employer student loan repayment programs require personalized coaching from student debt experts to help workers maximize the impact of their benefits. Our impartial advisors help employees understand all of their options for managing debt and assist them in crafting plans to meet their repayment goals.
• Education Benefits Platform: Our proven platform provides a consistent user experience for employee participants and HR teams, helping to ensure the success of your program.
Getting the Most from Your Repayment Program
A strategic plan for diminishing student debt requires an expertly managed program. Bright Horizons employer student loan repayment programs provide comprehensive support for employees and employers, maximizing the return on your investment.
• Employee Guidance: Personalized coaching is essential for employees to understand their student loan options and how to craft an effective payment plan. Borrowing from multiple lenders complicates the terms of student loans, making student debt experts an invaluable resource for making smart choices.
• Nimble Administration: When launching an employer student loan repayment program, it can take some time to perfect the format and iron out details. Bright Horizons programs provide experienced management that is highly responsive to your changing needs.
• A Meaningful Message: Student debt is a significant obstacle that threatens a range of employee goals, including grad school, homeownership, and retirement. By helping employers craft communications that are focused on the financial goals of their employees, we help to ensure optimal participation and real results.
Additional education programs
Bright Horizons provides a range of other workforce development programs to complement your employer student loan repayment program.
• Tuition Program Management: We help employers offer strategic tuition assistance, enabling employees to pursue degrees, certifications, and critical skills that can address employers’ skills gaps. Exclusive tuition discounts at high-quality education institutions make additional training more affordable. Our expert coaches help employees find the right programs to advance their skills and identify available financial assistance. And our easy-to-use web platform keeps your program running smoothly while providing detailed analytics that track participation and retention. Bright Horizon’s tuition assistance programs can be tailored for specific fields such as nursing tuition reimbursement.
• Education Access: Traditional education solutions are not the right fit for every employee. Our Education Access program provides a simpler path to a degree, with success coaches that help to increase academic achievement and improve graduation rates. Accelerated programs with zero out-of-pocket options make higher education affordable to all employees.
In addition to education programs, Bright Horizons offers a variety of other employee benefit programs, including employee daycare, elder care, back-up care, special needs services, and additional family supports.