As more and more college graduates enter the workforce, the ever growing total in student debt the U.S. population faces continues to increase. Combined with that also pairs the fact that wages aren’t keeping up with this debt, and the inflation our country is faced with.
In a recent post from the Council on Foreign Relations, these rising student debt totals were analyzed as a direct harm to the U.S. economy. Immediately, the article breaks down thoughts from the average employee entering the workforce by stating; ‘the benefits of a college education outweigh the costs in most cases, however, many graduates are concerned about entering a weak job market and worry that lingering debt could hinder their financial futures.’
As a direct result of these factors, employers have a bright opportunity to help their employees combat their student debt. With monthly student loan repayment contributions at as little as $50. Companies can help members of their team get out from under their debt in 8 years instead of 10, while saving north of $7,000 in principal and interest. Also pushing back against this debts’ impact on the economy and supporting the greater good.
References:
- https://www.cfr.org/backgrounder/us-student-loan-debt-trends-economic-impact (Council on Foreign Relations – April 2024)