Employers can help employees pay back student loans. Here’s how

The latest extension of the COVID-19-related pause on federal college loan repayments has given employers another important chance to help their employees.

Offering student loan repayment support as part of an overall financial wellness program also gives your organization an edge in retaining and recruiting a large portion of the workforce.

Medium Brush Stroke

Provide a Financial Health Assessment Tool

One of the best ways to determine what you can do to promote financial wellness among your employees is to ask them what they need.

Encourage a Step Ladder Direct Deposit Approach to Repayment

One way to help them capitalize on it is to offer a gradual, step-ladder return to repayments starting now.

Help Employees Understand the Importance of a Good Credit Score

Consider giving your employees tools to check their credit scores, as well as information on how to improve them.

Let Employees Know They Can Use a 529 to Pay Down Debt

To make it easier for employees to save in state-sponsored 529 college savings plans, you may want to offer a 529 payroll deduction program.