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.

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