Americans collectively owe nearly $1.5 trillion in student loans — more than twice the total a decade ago. But now a small but growing number of employers are stepping in to help.
About eight percent of employers are offering student loan repayment assistance this year, according to the Society for Human Resource Management. That’s up from four percent in 2018 and three percent in 2015.
Companies like Estee Lauder, Hulu and Fidelity Investments provide a form of loan repayment programs. Employers format repayment assistance in a variety of ways. Some offer a match of employee payments while others offer a flat contribution amount, both up to a threshold.
Several companies say their programs have proven an effective recruitment and retention tool, particularly in this tight labor market.
