This stress has been compounded by confusion about the process for applying and qualifying for loan forgiveness, and uncertainty over when payments will restart. Since monthly payments on most federal student loans have been paused since Congress passed the CARES Act in March 2020, many borrowers have not even checked the status of their loans or their new loan provider in over two years. As a result, individuals may be unsure how much debt they have and what their plan for restarting payments should be.

No matter the outcome of these legal battles, there are ways for borrowers to control and understand this debt — and employers are well positioned to help ensure employees are confident about the future of their student loans. A survey we recently conducted showed that more than half of employees (51%) believe their employers should play a role in helping them pay down their student debt, whether that's via direct financial support or offering digital tools or advisors to help guide them through the process. What's more, 82% of employees are concerned about the lift on the moratorium and 44% do not feel financially prepared to resume payments when it lifts, underscoring the critical role that employers can play to help assuage concerns and provide solutions.

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Employees are clear about their need for student loan solutions. It's now up to employers to recognize the opportunity they have to lessen the significant mental and financial burden of this debt for their employees — while cultivating a more cutting-edge benefits package that can also appeal to prospective talent.

Here are top three student loan solutions that employers should consider:

#1 Digital financial tools

Most borrowers need assistance understanding their debt and repayments. Employers can look for a tool that allows employees to connect all of their student loans within one platform, and view their total debt balance. This gives employees a birds-eye view of their loans while monitoring balances and interest rates at the individual loan level. Another bonus would be an interactive tool that provides recommendations on loan payments based on prioritization and interest rate. This empowers employees to scenario-plan and forecast how different payment amounts can alter their future debt. We're seeing that employers are increasingly interested in meaningful ways to provide debt assistance tools to their employees in an intuitive and easily accessible format.

#2 Access to financial advisor

For some borrowers, interactive financial tools may be too intimidating and complicated to use.  As a result, it's not surprising that meeting one-on-one with a financial advisor was the highest ranked communication method for financial information. These meetings allow a financial advisor to learn about an individual's unique financial situation and help them put together a flexible path to paying off student loans. Employers are asking about expanding their benefits packages to include access to financial advisors who can provide personalized and dedicated financial support for their employees.

#3 Student loan matching program

While the pause has created an opportunity for borrowers to pay down their student loans without interest, many have been unable to do so because of inflation, market volatility, and other financial obligations. Employers have the option to contribute a customizable match to their employees' student loan payments. This enables employers to help their employees pay off their debt more quickly, while the "matching" aspect helps to incentivize positive behaviors amongst employees by ensuring they're actively taking control of debt repayment. 86% of young workers would commit five years to an employer that helps them pay off their student loans, showing the value that these benefits can play towards retention.

The CARES Act allows employers to provide up to $5,250 in tax-free student loan payments per employee per year. Whether those payments are made directly to the employee or the lender, they will be excluded from income. Meanwhile, the employee avoids paying income tax on the student loan payments.

No matter what happens with loan forgiveness, there will still be a massive amount of student debt across the US and employers have an opportunity to partner with employees to help find solutions. The best defense is a good offense. Now is the time for employers to take action and implement student loan solutions that allow employees to feel confident about their path towards repayment.

Harlyn Croland is Head of Business Operations & Strategy at Betterment at Work.