After a nearly three and a half year pause, student loan repayments are back and they're not only affecting workers, but employers too. According to the Federal Reserve Bank of New York, the pause on loan repayments afforded 28 million borrowers more than $260 billion in waived payments. Now, the millions of Americans faced with college debt must find a way to repay their loans once again.
New data released by ADP Research Institute found that the resumption of student loan payments will likely affect employee retention. Even though one might expect that employees with a higher burden of loans would plan to stay at their current job, ADP researchers found it's actually the opposite. Workers with greater amounts of debt are more likely to leave their jobs.
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