This week, President Biden announced an extension of the pause on federal student loan payments through August 31. This is the fifth extension since the moratorium on took effect in March 2020.
According to the Education Data Initiative, 43.4 million borrowers in the U.S. have federal student loan debt with an average balance, including federal and private loan debt, as high as $40,904.
Organizations offering tuition reimbursements can be a big draw, especially among millennial and Gen Z employees. Human Resources Director sees many companies offering to cover the cost of further schooling for employees who want to further their education, including Amazon, Walmart, Starbucks, Chipotle and Herschend Enterprises.
At a time when employees are seeking additional financial wellness support and employers seek to differentiate themselves during the Great Resignation, offering student loan debt and/or tuition assistance could be a valuable benefit.