Whether we have seen the end of the Great Resignation or a move to the Great Layoff, employers continue to seek out ways to be an employer of choice. Employers are always struggling to attract and retain the best employees. Various tools abound, but for many younger employees the ability to offer ways to address their student loans might give employers one of the better tools to retain those employees over time. If employers want to provide those options in 2024 they now can thanks to new provisions in the SECURE 2.0 Act—but they need to take action to make it happen.
Student loan debt: Where things stand
The Biden administration just canceled a large portion of student loan debt. That brings the total forgiveness of student debt by the Biden administration to approximately $136.6 billion according to the Department of Education. However, the total student loan debt is in the $1.6 trillion range. So, even with the forgiveness programs announced so far, the vast majority of student loans have not been forgiven. After the COVID-19 pause ended in October 2023 borrowers who had to restart their loan repayments had to suddenly include those loans in their budgets again with the resulting financial shock.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
