Employers across the United States have started to offer student debt relief benefits to their employees. Student loan assistance started as a niche offering by a handful of companies and has grown in recent years. This benefit has been helpful to employees nationwide.
Many citizens are struggling to pay off their student loan debt. Nearly 70% of college graduates have student loan debt. Even those who file for bankruptcy do not receive student loan debt forgiveness. Because of this emerging struggle, employers have stepped up.
Here are some companies that offer student loan debt assistance:
- Fidelity Investments
- Natixis Global Asset Management
Many of these companies offer their employees $100 to $200 per month uncapped for student loan debt. This makes a big difference over time. Companies that have started to introduce this benefit found that it has drawn more employees in. This benefit is good for both the employee and the employer.
Both sides are starting to view this perk as a win-win. Companies benefit with increased talent pools while employees benefit by getting much-needed student loan assistance.
What about other debt?
If you are struggling with other debt, such as medical, home or credit card debt, bankruptcy may be the best option for you. Unforeseen medical debt and lost wages due to severe illness are the number one cause of bankruptcy. If you are considering bankruptcy, speak with an attorney to learn more.
Filing for bankruptcy will not affect your student loan debt but it may help you regain financial freedom by releasing you from other debt obligations. You may also be eligible for student loan debt relief benefits from your employer.