Student loan repayment assistance: A benefit that employers and TPAs should take seriously
Benefits administrators have an opportunity to fill a need that is predicted to soar in the coming years.
By Bo Armstrong|October 14, 2020 at 10:17 AM
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Across the country, companies of all sizes seek to recruit and retain top talent by offering more than salary – employees want substantial benefits packages. One highly desirable benefit that’s gaining more attention is student loan repayment assistance. In this up-and-coming, underserved market, third-party benefits administrators have an opportunity to fill a need that is predicted to soar in the coming years.
From 2008 to 2018, tuition rates at public colleges and universities increased by an average of 37%. In some states, tuition costs have doubled over that same time period (Louisiana 106.9%; Arizona 92.4%). Part of this is due to demand, but rising costs can also be attributed to increased overhead and cutbacks in state funding for higher education.
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