Employee Benefits Market Check Survey: Student Loan Benefits

At the end of June, the U.S. Supreme Court ruled against President Biden’s plan to forgive certain federal student loan debt. Barring some other plan, payments are set to resume again this fall, impacting about 43 million Americans. Even if the government provides some relief, it would only address loans at the federal level and not private loans. As such, the issue of student loan debt has again made its way to the forefront of the media and has employees worried about how they will address this financial burden. Along with other areas, employees will turn to their employer to see if there are any benefits or resources offered that might provide some support or relief.

We conducted two polls during a webcast on July 20, 2023, to gain insight into employers’ current and planned offerings in these areas. The results are in the charts below:

What benefits does your company plan to offer in 2024 to assist with student loan debt?

Results based on 205 employer respondents (allowed to select multiple answers)

What benefits does your company plan to offer in 2024 to assist with student loan debt?

Results based on 147 employer respondents (allowed to select multiple answers)

Key Findings

The number of companies offering student loan benefits is still small, but we encourage employers to evaluate the options available, some requiring no employer contribution. Offering student loan benefits will give employers an edge as they focus on attracting and retaining the brightest and best talent and will help smaller companies compete with larger employers who may already offer such programs. These options can also be important to a company’s broader financial well-being plan.

Should you have any questions regarding any of this information or want to discuss your student loan benefits strategy or industry-specific data, please contact your local Assurex Global adviser.