A recent slideshow in Employee Benefit Advisor identified the top 10 worst states for student loan debt. As an employer, should you care whether any of the states in which you hire are on the list? Based on an article by Randy Abbott, a senior consultant for Willis Towers Watson, in Employee Benefit News (EBN) earlier this year, the answer could be “yes.”
According to Abbott, a growing number of employers interested in recruiting and retaining Millennials are offering benefits related to student debt, including debt forgiveness, assistance in paying off debt, and financial advising. A recent Willis Towers Watson survey showed that 4% of employers currently have student debt refinancing programs, but by 2018, that number could grow to 26%.
To find out which states are the worst for student debt, see the complete article in Employee Benefit Advisor.
To read Randy Abbott’s article in EBN on student loan repayment plans and advice for employers considering adding them to their employee benefits, click here.