With the student loan crisis facing thousands of millennials, companies are taking note and starting to offer debt relief options as a recruitment perk. Most graduates do not care about gym memberships and free snacks as much as they want help with their student loan debt. In fact, debt relief options are more important than retirement for many of them.
So, how does it work? There is no one way that companies are approaching this issue. In fact, they are getting creative in figuring out pay-down options. Some companies offer to pay a certain sum each month for a set amount of time against student loans of young employees. For example, if $100 is paid each month for six years, it can significantly help the employee pay down his or her student loan debt.
Other companies offer a lump sum payment over time as an incentive. For example, the company agrees to pay $10,000 over five years. Another option may include small monthly payments with a balloon payment after the employee has been with the company for a certain amount of time.
For a graduate that has an average of $29,000 in student loan debt, having these types of incentives available can be life-changing. It can also build loyalty as well as allow the employee the freedom to plan for buying a home, having children or other future decisions.
Industries taking the lead in offering debt relief incentives are law, medicine, and technology fields. However, other employers are taking note and making efforts to follow their lead. This is important because debt relief incentives can start playing a role in the majors college students choose.
We are bankruptcy lawyers who know how to make a difference in your financial situation, including helping you with your student loan debt. We have experience you can rely on and we care about your results. Contact our New Jersey law firm online by filling out the form or by calling 973-323-2953 to schedule a free initial consultation with an attorney at Levitt & Slafkes, P.C..