Businesses all over the country are constantly looking for ways to attract new talent. They know it’s crucial to growth. That’s why these businesses offer a ton of perks to keep their employees happy. Maybe they pay for their healthcare or give extra breaks. You might even find employers putting in a ping-pong table or paying for in-house massage therapists. The newest trend is for offering student loan repayment programs.
Currently, in the U.S., 44 million people owe $1.53 trillion in student loan debt. Most people who graduate college are saddled with an insane amount of debt. In fact, they can spend the next two decades paying it off. That’s a major problem. It’s a problem that employers can seize if they truly care about attracting prospective talent.
Goodly is one service that helps employers provide benefits. 86% of employees will stick around if their boss has student loan repayment programs. They’d stay for five years or longer if their employer helps to pay down their student loan. This is super important to employers. They often spend a lot of money hiring and training staff.
Goodly Wants to Improve Student Loan Repayment Programs
Goodly is a new start-up that hopes to wake up the corporate world to this new benefit. By offering student loan repayment programs, they can save a ton of money. The CEO of Goodly knows there’s a crisis out there that needs to be addressed. He personally went through it himself and is now trying to give back.
“When I was in school, my father passed away very unexpectedly due to a heart attack. I had to borrow $80,000 for college at Dartmouth,” said Goodly CEO Greg Poulin. “I’ve seen first-hand how challenging it is for employees to save for retirement or start a family when they’re strapped with debt.”
Student loan debt is like a poison that can ruin lives. 21% of employees with this debt have delayed getting married. 28% refused to start a family. One-out-of-eight marriages now end in divorce because of student loan debt. It prevents them from buying a house or even saving for retirement and health insurance.
Student loan repayment programs really are the only way students can receive help. The government keeps changing its mind whether it wants to help. Yet, they keep making money off of interest, so they’re not inclined to help. Colleges are making record profits, so they enjoy upping the cost of tuition.
Goodly Helps Employers
Goodly charges $6 per employee. It creates a ‘set it and forget it’ way to help automate the process. Therefore, employers can decide how much they want to help contribute to their workers. It’s student loan repayment programs like this that will retain employees. That saves companies a lot of money in recruiting and training. That’s money that can go back into helping their workers with student loan repayment.
https://financialhelpers.com/americans-spent-nearly-40-billion-while-drunk-shopping-last-year/
“We found that our people put off contributing to their 401ks and buying a house because of their student loan debt. We thought that offering a Student Loan Repayment Benefit would be a great low-cost and high-impact benefit to attract and retain talent while alleviating some of the stress and the financial burden on our employees,” says Kim Alessi, an HR generalist.
