Employers Helping Employees with Student Loans: A Strategic Benefit for Recruitment and Retention
Empower Your Team, Strengthen Your Company
In today’s competitive job market, attracting and retaining top talent requires more than just a paycheck—it demands meaningful, supportive benefits that address real-life challenges. Student loan debt is a growing concern among employees, impacting their financial well-being and career satisfaction. By offering student loan assistance through Thrive Student Loan Advisors, you can provide targeted support that not only enhances employee engagement but also drives recruitment and retention.
Discover why supporting your team’s student loan repayment journey is a smart investment in your workforce.
The Reality of Student Debt in the Workforce
$1.75 trillion: The total U.S. student loan debt as of 2024, impacting more than 45 million Americans.
66% of U.S. employees report that student loan debt significantly impacts their financial situation.
68% of employees would consider an employer more attractive if they offered student loan repayment assistance, and 86% of those with student debt report that such a benefit would increase their loyalty to their employer.
The Benefits of Employer-Sponsored Student Loan Assistance
Offering student loan support through Thrive Student Loan Advisors aligns with your organization’s goals to attract and retain highly qualified employees, while also enhancing productivity and engagement. Here’s how:
Improved Recruitment – In a job market where top talent is often difficult to attract, offering student loan assistance can set your company apart.
Increased Retention – Student loan assistance can drive loyalty. This benefit can be especially effective for retaining millennial and Gen Z employees, who are often most affected by student debt.
Enhanced Productivity and Focus – Financial stress impacts employee productivity, with 65% of workers reporting that financial concerns, including student debt, negatively impact their performance. Supporting employees with student loan repayment can ease their stress, improving focus and productivity on the job.
Positive Employer Branding – By addressing one of the most significant financial concerns of today’s workforce, you reinforce a company culture that genuinely cares about employee well-being. This enhances your reputation, not only with current employees but also with potential recruits who value supportive, forward-thinking employers.
How Thrive Student Loan Advisors Can Help Your Team
Thrive Student Loan Advisors partners with organizations to offer tailored student loan support solutions that help employees manage and repay their loans more effectively. Here’s how we work with employers to make a difference:
Personalized Student Loan Counseling
What It Includes: Thrive’s advisors provide individualized loan assessments, helping employees understand their loan terms, interest rates, and potential payment strategies based on their unique financial situations.
Why It Matters: Personalized counseling allows employees to take control of their debt with guidance from experts, reducing confusion and enabling informed decisions.
Optimized Repayment Plan Assistance
What It Includes: Thrive helps employees explore and apply for income-driven repayment (IDR) plans, loan consolidation, and other federal repayment options that could reduce their monthly payments.
Why It Matters: Optimizing repayment plans lowers monthly financial burdens, giving employees greater flexibility and control over their finances, resulting in a more motivated and focused workforce.
Student Loan Forgiveness Guidance
What It Includes: Thrive advisors assist employees eligible for federal forgiveness programs, such as Public Service Loan Forgiveness (PSLF) or Teacher Loan Forgiveness, by ensuring they meet all requirements.
Why It Matters: This guidance can help employees realize significant loan forgiveness benefits, potentially eliminating their debt entirely while enhancing loyalty to your organization.
Employer Contribution Programs
What It Includes: Thrive Employer Contribution programs enable companies to contribute directly to employees’ student loans. Thrive handles program implementation, compliance, administration and employee engagement.
Why It Matters: Employer contributions are a powerful recruitment tool and a tangible benefit that demonstrates your commitment to your employees’ financial well-being. With recent IRS changes, employers can now contribute up to $5,250 per year toward employees’ student loans, tax-free until 2025.
Why Choose Thrive Student Loan Advisors?
Expert Guidance – Thrive’s team of student loan advisors bring extensive experience and a deep understanding of federal and private loan systems, ensuring employees receive accurate and effective advice.
Scalable Solutions – Thrive works with companies of all sizes to develop programs that fit their budget and employee needs, from one-on-one counseling to company-wide webinars and workshops.
Employee-Centric Approach – Thrive’s advisors build trust by focusing on each employee’s personal goals, ensuring they feel supported and empowered in their financial journey.
How to Get Started with Thrive Student Loan Advisors
Supporting employees with student loan debt has never been easier or more impactful. Here’s how you can get started with Thrive Student Loan Advisors:
Contact Us for a Consultation – Reach out to discuss your company’s goals and determine the best student loan assistance solution for your team.
Program Design and Implementation – We’ll work closely with your HR team to design a customized plan, from employer contributions to educational resources.
Ongoing Employee Support – Our advisors provide continuous guidance to your employees, ensuring they’re on track with their loan repayment goals.
Measurable Results and Feedback – Thrive will regularly provide reports and feedback to show the impact of your investment on recruitment, retention, and employee satisfaction.
Empower Your Team Today!
Investing in student loan assistance is more than just a financial benefit—it’s a powerful tool to build a committed, motivated workforce. Stand out as an employer that understands and addresses the financial challenges of today’s employees with Thrive Student Loan Advisors.
Learn how we can help you attract, retain, and empower top talent by supporting your employees’ student loan repayment.
