Phil Albinus reports in Employee Benefit Advisor that more and more HR departments are reporting an interest in tuition plans.
Many of the employees still have children in college and they are taking on the loans themselves when the limit has been met by the child.
Tuition.io CEO Scott Thompson commented,
“More and more parents of young people are taking on the student loans of their children. Some do it because they want to and some do it because they have to,” he says.
“Employers are trying to help that portion of their workforce. It’s almost a universal problem,”
says Thompson, whose research says that 25% to 35% of U.S. employees are dealing with a student loan.
Firms such as Estée Lauder have introduced programs where they contribute to the monthly payment for the tuition loans.
Thompson estimates that 4% to 5% of U.S. employers offer debt matching services to their employees, and adds that he expects this number to grow in 2018. Some employers have plans to offer this benefit either starting July 1, 2018 or Jan. 1, 2019.
Read the full article: Baby boomers increasingly interested in tuition benefits
Photo by: Murduck Rubbaduckee