How Student Loan Debt Can Help You Attract Young Talent (in 2020)

Today we’re going to talk about a brand new benefit that’s going to help you attract young talent by helping them pay down their student loan debt. Hi everyone, it’s Ryan with Holloway Benefit Concepts. I wanted to talk to you about one of the hottest benefits that are out there right now in the employee benefits space. Everybody’s trying to help the new college graduates as they’re entering into the marketplace pay down their student loans. Millennials and definitely Gen Z they’re all
strapped with student loans and the situation’s not getting any better. Over the last couple of years there’s been
different vendors come along and a lot of the big banks, there’s a lot of institutions
doing this now, but they’re making a benefit out of helping employees pay down their student loans. Good news, we’ve identified a vendor that
will work in this space and we’re on-boarding them as we speak. This would be a great way for you as a business owner to attract young talent. Your competitors are not doing this, especially in the small and mid-sized market. One, it allows the employees to set their
payments up on auto-pay, they can payroll deduct whatever they want to. The biggest component, and the one that I think really brings the most value from an employer standpoint, if you’re going to do something like this for your employees, you have the ability to match or to make a set
monthly contribution that helps them pay down those loans. Whether it’s a matching program, or you’re doing set $50 a month or a set $100 a month, every dollar that you’re able to contribute,
that’s helping them pay down that extra principal, paying that loan off faster. You’re going to build a lot of loyalty and
confidence and hopefully long-term employee relationships with something like that. Some of the other items that come with a lot of the vendors in this space, and particularly the one that we’re going to be working with, they actually have coaches. So, if an employee has three, four, five,
different student loans, they’ll analyze that for them and see if it makes sense to consolidate. So instead of them on their end making five different payments every month, they can get it consolidated and make one payment a month and, oh by the way, if you’re sponsoring this program help them pay it down along the way. If you’d like to learn more, know about the
vendor that we’re on-boarding so you could set up something like this and help your employees who are saddled with student loan debt, or that next employee that you need to hire that is in Gen Z or a Millennial that has some student loans out there, reach out and let
us know we’re happy to help you analyze this and see if it makes sense. If it does, we’re more than happy to help
you get something put in place.

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