There has been a lot of debate and discussion about student loan repayments over the past year, and many apprehensions have surfaced since the Supreme Court rejected the Biden administration’s one-time student loan relief plan. Further, the federal student loan moratorium that started in March 2020 as a response to the COVID-19 emergency and set all student loan interests to 0% for millions of borrowers has now come to an end as student loan repayments will begin for about 37 million borrowers. We aim to cut through the noise and inform corporates and their employees about the available facts and resources regarding student loan payment resumption, and guide them on how to navigate the post-September landscape.
First, let’s get some facts straight:
How can Corporate America Help?
One of the most powerful ways in which Corporate America can help their employees with student loans is by including Student Loan Repayment Assistance in their education benefits portfolio. These programs can take various forms, such as direct financial contributions towards loan payments, employer match programs where employers match a percentage of employee loan payments, or structured repayment plans that incorporate employer contributions. By offering these programs, corporations demonstrate their commitment to employee financial well-being leading to talent retention. They provide immediate relief to employees burdened by student loan debt and help alleviate the overall impact on their financial stability.
Click on Learn More to keep reading about Next Steps and Strategies for borrowers to ease into Payment Resumptions
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