The need for student loan assistance
With a tightening talent market – especially around knowledge work where skills may become outdated within as little as five years – many employers are struggling to find qualified workers today. The competition for qualified talent is causing employers to search for workforce development programs and other ways of distinguishing their companies in the eyes of prospective employees.
Student loan repayment benefits have emerged as a highly attractive option for both employers and prospective hires. Student debt is a critical financial stressor for many people in the workforce today, often causing employees to move from job to job, looking for the highest paying opportunity to help cover their debt payments. Many workers report that their student loans prevent them from considering certain career choices or from specializing in fields where additional training would be necessary. And the heavy burden of student debt is preventing many from adequately saving for retirement or other financial goals.
A strategically designed employer student loan repayment program can elevate an employer’s brand, providing a powerful tool for recruiting workers, retaining them, and freeing them to continue their education. Supported by expert and personalized guidance, the right student loan repayment benefits can also help the 70% of graduates with debt find a confident path to financial well-being.
Student loan repayment benefits are ranked by employees as a highly valued program that sets employers apart from their competition, and a high-impact benefit that can reduce loan periods by years, saving thousands of dollars in interest.
Student loan repayment benefits with Bright Horizons
More than 1,000 of the world’s most recognized employers look to Bright Horizons® for strategic solutions that cultivate high-performance workforces by supporting employees through every life and career stage.
Our flexible programs for student loan repayment benefits can help you to meet a variety of business goals. Programs can target individual populations or be rolled out across global sites and can include both employer contributions toward student loans and financial guidance for achieving lasting financial wellness. Employer payments can help reduce the total amount owed on loans, significantly shortening repayment terms, and reducing the amount of interest paid, while expert coaching can help employees pay off the balance of their loans most effectively and develop sound financial habits. As a result, employees have a clear path to a debt-free future and freedom from the money problems that often hinder performance.
Our student loan repayment benefits program includes:
- A configurable platform with simple, guided navigation for employee participants and tools employers can use to automate customized rules. The platform offers detailed reporting on participation and retention growth, as well as SOC-2 certification, the highest standard for security to keep employee data protected.
- The ability to increase contributions toward student loans to improve retention.
- Programs based on best practices developed by the industry’s longest-running student loan benefits provider.
- Financial wellness coaching from student debt experts, helping employees build action plans to meet their debt repayment goals and to assess and compare options for consolidation, refinancing and loan forgiveness.
Benefits of student loan repayment benefits
With Bright Horizons student loan repayment benefits program, you can:
- Maintain a competitive advantage in a tight labor market.
- Attract talented employees who are looking for employers who can help with financial stressors such as student debt.
- Reduce turnover for experienced employees.
- Attract young employees to replace retirees.
- Increase the talent pool for particular specialty.
More employee support solutions from Bright Horizons
Additional Bright Horizons solutions for improving recruitment, retention, and talent development through education benefits include:
- Tuition Program Management. This Bright Horizons tuition reimbursement program transforms tuition assistance programs into a central part of a talent management strategy, aligning employee ambitions with corporate goals for talent, eliminating financial barriers to participation, reducing the time to certifications and degrees, and helping to build a more loyal and skilled workforce.
- Education Access. Through educational partnerships with carefully chosen, cost-effective, high-quality educational institutions, this educational assistance program provides access to education and training for employees for whom traditional education solutions are not a good fit.