Some employers may give an additional boost to employees who are paying back student loans this fall.
Handshake, a career platform for recent graduates and college students, reports that the number of jobs at entry level that mention repayment plans for student loans has doubled in 2019.
In June 2019, only 1.2% of the job listings on Handshake mentioned such benefits.
Some sectors have more employers who offer assistance with college loans. Some of the industries with the highest number of full-time positions mentioning student loan benefits are:
Health Care and Services: 31%
Government, law, and politics: 14%
Financial services: 8%
The following jobs are likely to include the keyword "student loan repayment" in their description: clinical pharmacist, nurse practitioners, software engineers, and insurance sales advisor.
Monne Williams is the chief impact officer of Handshake. She says that employers can gain a competitive advantage by offering a work benefit, especially in fields with high demands.
Williams told CNBC Make It that graduates in the medical and health care fields are notorious for having significant amounts of debt. When combined with the high demand for frontline healthcare workers and practitioners these factors make student loans repayment options a valuable competitive advantage.
College graduates who want to work in government or non-profits are also eligible. Williams explains that organizations in these fields often compete for the same talent with the private sector. Therefore, advertising student loan benefits can give them an edge, whether the programs are offered by the organization, or as part larger public service programmes.
Outside of Handshake
Employers in the United States employ 17% of their workforce
As of 2021, some form of student loan aid will be available.
Employee Benefit Research Institute
Student Loan Benefits
There are many ways to help students repay their student loans. This can include debt repayment counseling, education or access to 401 (k) loans.
Travelers, an insurance company, has begun to make additional contributions under the 401(k), which is a program that allows businesses to pay off student loans.
The company will match employee contributions to their retirement plans, such as student loans or 401(k)s, up to 5% (or $7,500 maximum) of their annual pay.
It is important to make sure that employees can pay off student loans without having to sacrifice their retirement contributions.
Greg Landmark, head of Travelers' Benefit Programs, said that the program had paid out $6.6 million to 1,600 employees.
While the urgency of student loan repayments has decreased in the past three years, Travelers expects an increased interest in this program
When repayment of federal student loans begins. This is especially popular among new employees and those in their early career.
Landmark's CEO says, "We are focused on helping our staff succeed at work and in their personal lives. This felt like a meaningful and impactful way to make an impact."
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70% of college seniors who have student debt are concerned about repayments impacting their future plans