As the total amount of student loan debt continues to rise to unprecedented heights, many individuals have stepped forward with different ideas on how to fix the problem and reign in the debt. While the Obama administration did take steps towards loan forgiveness, the requirements are very narrow and have not appeared to lower the total amount of student loan debt in the country. These fixes include proposals on changing the entire secondary education system; no easy or quick task for sure. While this solution is debated and discussed among policy makers and politicians, others are taking action: Some schools have begun attempts to lowering tuition or getting rid of it entirely such as the University of the People in Pasadena. On the corporate level, employers are realizing that because they seek out individuals with higher level degrees, these individuals will often have student loan debt when entering the loan debt and are deciding to do something about it.
In what could be called a model for corporate stewardship, many companies are beginning to include student loan repayment plans as part of their corporate benefits package. This is an excellent idea, as Millennials, individuals ages 18-34 are the primary new entries to the labor market, and the age group that happens to have the largest amount of student loan debt in the country. Since most of the employees that are already receiving student loan forgiveness are in the public sectors of teachers or nurses, we thought we’d highlight some of the companies that are offering their employees the chance to relieve their student loan debt.
In what is called the “Step Ahead Student Loan Assistance”, employees have $2000 per year, for up to five years, contributed towards eligible student loans.
It makes since that Chegg, an education service company would pledge $1,000 annually towards either federal or private student debt.
Natixis Global Asset Management
Natixis, based in Boston, MA, gives a total $10,000 towards federal Stafford or Perkins loans.
One of the “big four” accounting companies, offers $100 a month for a total of six years to help student pay down student loan debt.