Student debt is burdensome. According to the Education Data Initiative, today’s average borrower holds over $40,000 outstanding. Alone, that data-point is compelling enough to persuade many employers to offer Student Loan Assistance as a benefit.
However, student debt is increasingly more burdensome for populations. In a recent article Yahoo!Finance stated this is especially true for women. According to a new GOBankingRates survey, the majority of the borrowers who owe the most are female. The info from our past Millennial Benefit Preferences study not only provides data to agree with this but also notes that African Americans and Hispanics are twice as likely to have student debt as their peers.
By offering Student Loan Assistance, employers can engage women and minorities, thereby promoting gender and cultural diversity within their workforce.