An unprecedented 60% percent of Millennial college grads borrowed money for student loans. With the average educational debt totaling almost $28,000, student loans are now the second-greatest outlay for Millennials, trailing only rent or mortgages. Student debt weighs so heavily on Millennials that 53% say they would stay in a job they didn’t like due to their student loan obligation and 71% say they would value a student loan refinance benefit from employers.
Providing student loan repayments is no-brainer way to attract and keep Millennials. And since only 4% of companies currently provide this benefit, employers who offer repayment assistance will have the upper hand in the war for talent. For concrete examples of how companies are providing and structuring student loan repayment benefits, read Glassdoor’s 12 Companies Offering Student Loan Forgiveness Hiring Now. For more strategies and tips on how to attract and retain Millennials in your organization contact me directly.