Student Loan Assistance Programs (SLA) go beyond the benefits that qualified candidates expect from
employers, creating an incentive that attracts, inspires, and retains the best employees.
- 70% of college graduates have education-related debt.
- 66% of employees under 40 have education-related debt.
- 40% of employees say education-related debt prevents further education or training.
- 63% of employees say education-related debts hinders their ability to make major purchases such as homes or automobiles.
- 73% of employees say education-related debt impedes or eliminates their ability
to save for retirement.
Where You Benefit
- Recruitment – Attract the best candidates for your critical and highly specialized positions.
- Engagement – Increase productivity and workplace chemistry with motivated, loyal employees.
- Retention – It’s much more cost effective to keep employees than to hire them. SLAs are proven to be an effective way to increase retention rates.
Offering student loan repayment assistance is one way to attract and retain the talent businesses need to fill the skills gap as older employees retire. It is also one benefit that meets the immediate needs of today’s young employees. Loan repayment assistance is a natural complement to traditional tuition reimbursement, and creates a dynamic business culture that values higher education.“
– Adrienne Way, CEO , Edcor Data Services