How employers can help

It can be a challenge for people to find and access programs like SAVE. In response, employers should consider:

Providing guidance and counseling tools that can be offered through a number of leading providers. Online decision support tools allow employees to link real-time student loan information (e.g., principal balance, interest rate, repayment plan, payment history) and additional data the colleague provides to recommend the best repayment plan and loan forgiveness options (if any) given their specific financial goals. Additionally, the guidance is specific to the new IDR loan forgiveness rules.
Offering one-on-one, unbiased consulting from highly experienced student loan and finance professionals. These coaches bring an unmatched level of expertise to work with employees on their unique financial situations to determine the most strategic and effective way to tackle their student loan debt. Many coaches have worked in college financing offices or at student loan companies assisting thousands of people with their student loan debt and repayment strategies and understand the overall financing market. One-on-one coaching sessions with an experienced advisor can be scheduled to review the colleague's current loan structure and overall financial wellness, discuss options and strategies, and design a custom repayment plan. This includes helping to navigate the new IDR plans.

Help employees pay down debt

Companies with the available resources can take their support for employees with student loans a step further, providing student loan repayment. In the past, the drawback is that this was considered taxable income to the employee, and may worsen his or her financial situation. Changes introduced as part of The CARES Act of 2020 and the Secure Act of 2022 make receiving tax-free benefits possible.

Instant Insights /

Student loan payments are resuming: It's time to roll out financial wellness benefits

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