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Franklin on currency wearing a mortarboard One reason student loan repayment now ranks as the most important and popular benefit for millennial and Gen Z employees is the profound impact it has on a borrower’s ability to become debt-free. (Photo: Shutterstock)

Across the country, workers are saddled with student loan debt. In total, 47 million Americans collectively hold $1.7 trillion in outstanding student loan debt. The average employee-borrower can expect to spend $5,000 a year repaying their student loans. Such a staggering level of debt often creates significant financial stress for employees and becomes a roadblock to achieving major financial and personal goals.

Student loan borrowers have half the retirement savings of their peers without student debt by the age of 30. Student loans are something employees take into consideration when making decisions around where to work as well as when to get married, purchase a home, and start a family. Research shows that financial stress negatively impacts employee health and productivity and can lead to absenteeism.

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