As student loan debt continues to rise dramatically, it’s putting many families underwater. Currently, 44 million Americans owe over $1.53 trillion worth of student loan debt. That’s the making of a new economic crisis that’s forcing families to make hard decisions. A lot of these hard decisions involve delaying things like buying a home, getting married, and having kids.
When a young person goes to college, they don’t really understand the burden student loan debt will have later. They expect to have a well-paying job once they graduate. Reality bites hard. After they walk across the stage, they’re saddled with tens of thousands of dollars’ worth of debt.
It’s almost like deciding to buy a luxury car, but you don’t have any way to pay for it. Immediately you’ll have to start making payments, but you don’t have the money. Yet, the student loan won’t go away. They won’t repossess it if you can’t pay. It will stick with you until you pay it. And that makes a lot of people desperate to find help.
To learn more about how you can get help paying your student loans, call Financial Helpers today! We’d love to hear from you. You can reach us at:
Americans Desperate for Student Loan Help
According to a survey from Self Lender, many millennials are willing to give up perks for help paying student loans. In fact, they’d be willing to do almost anything for help from their employer. Here are several of the key statistics found in the survey of 1,000 millennials:
• 23% would give up working from home.
• 20% would give up paid time off
• 15% would give up 401(k) matching
• 6% would give up health benefits
To have millennials willing to give up health benefits for help paying their student loan should be evidence enough. They’re desperate for help. Some sort of student loan repayment plan appears to be a great benefit for employers to consider. It would make their company an attractive destination for intelligent young workers.
Of course, higher salaries are often preferred, but student loan debt assistance would help lower stress. Employees struggling under this burden don’t often perform well. They will struggle with not making enough money. That predicament will force them to make even harder decisions.
Employees who don’t feel financially secure often don’t work as hard. They start to feel as if they’re breaking their back for minimum gain. Many of them are still living at home because they can’t afford to pay both their student loan and rent. This is what makes debt repayment a great idea for any employer.