Student Loan Repayment
The majority of America’s workforce carries student loan debt. Employer-assisted student loan repayment allows employers to help their employees pay back that debt.
- Make regular, monthly payments to employees’ student loans
- Employers choose who receives the benefit and how much to contribute
- Improve retention rates and decrease recruitment costs with a differentiated, desired benefits package
- Increase employee engagement with a benefit that addresses specific employee needs
- BenefitEd takes care of the program administration, making implementation simple
How it works
Employees are responsible for
making their regular minimum
monthly student loan payment.
Employers send an additional
contribution amount to BenefitEd,
which is applied to the student loan.
How it works
Employees are responsible for making their regular minimum monthly student loan payment.
Employers send an additional contribution amount to BenefitEd, which is applied to the student loan.
We work with you to identify which employees carry student loan debt, and help customize a package based on your unique benefit needs. Customization options include:
- Eligibility: Which employees are eligible for the benefit
- Duration: How long employees will have this benefit available
- Contribution Amount: How much you offer per employee
- Contribution Frequency: How often you make payments
We will take care of the necessary outreach to onboard employees to the program. We’ll also send email communications to your employees to let them know when deposits have been made and when they can expect to see payments appear.
- You provide employee enrollment file
- We’ll enroll eligible employees, collect loan information
- You verify employee status and provide lump sum payment
- We distribute the payment to employee accounts through various loan servicers
Reporting and Results
Tracking the impact on retention is all handled by BenefitEd.
- Monthly enrollment reports help keep tabs on your program
- Employees receive email confirmation that payment has been administered, reinforcing program value
Ready to see what BenefitEd can do for you?
Why would an employer want to offer a student loan repayment benefit?
Recruitment and retention top the list for many resource departments. BenefitEd student loan repayment fills a need that is requested by millennials more than other traditional benefits. And it supports financial well-being and quality of life for employees.
What student loans qualify for this program?
All federal and private student loans qualify to receive payments. The loan must be in the employee’s name.
Who is eligible for this student loan repayment benefit?
Any employer can offer it to any employees who have student loan debt, or to a specific subset of employees. For example, an employer could offer student loan repayment to attract and retain talent in positions that require specialized training, when recruitment is more difficult.