Employer Student Loan Repayment Program: 5 Tips for 2020

Paycor.com examined the benefits of employer repayment programs in “Employer Student Loan Repayment Program: 5 Tips for 2020” stating, “Companies that offer student loan debt relief can more easily attract and retain talent. In fact, studies indicate that 86% of workers between the ages of 22 and 33 would commit to an employer for five years if the employer offered a student loan repayment program.” The article provides advice to employees to help repay their student loans and also explains Abbot Laboratories novel repayment approach tied to the company’s 401(k).

The Veterinary Debt Initiative recommends all borrowers track their loan repayment strategy and become educated on loan repayment programs. More information on student loan repayment can found through AVMA’s MyVeterinaryLife or through the VIN Foundation’s Student Debt Center. For employers interested in benefits programs, the Veterinary Debt Initiative recently published an article from an employer who implemented one type of benefit program.