What workers want: Student loan repayment assistance

If the recent announcement by President Biden surrounding student loan forgiveness was welcome news, you’re not alone. Many workers like you are struggling under the weight of what is in some cases crushing debt. The U.S. Department of Education is gearing up to begin the application process in the coming months, but, for some borrowers, they are seeking additional relief from current or potential employers — and with good reason.

According to a recent CareerBuilder survey conducted by The Harris Poll, nearly three in five U.S. adults, or 59%, have shouldered student loan debt at some point in their lives. Among those who have had student loan debt, only around one in four, or 27%, have paid it off entirely. Nearly two in five adults who have had student loans, or 38%, owe at least $40,000 in student loan debt, including one in 10, or 11%, who owe a whopping $100,000 or more.

This trend is not unique to younger generations. Less than half, or 42%, of Boomers/Seniors surveyed who have had student loans say they have repaid it in full. The majority of this generation – 58% — have student loan debt that is yet to be paid off in full.

It’s not surprising then that 20% of respondents felt that student loan repayment is a perk that is missing from their current employer’s benefits/perks offerings. Of those polled, Black (non-Hispanic) Americans indicated a stronger desire (29%) than their white counterparts (19%) for such a perk. This may be due to racial disparities that exist regarding the amount of student loan debt these populations shoulder, with African Americans (86%) and Hispanics (84%) being more likely to have student loan debt than white respondents (66%).

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