Employer-Assisted Student Loan Repayment
By helping employees pay back student loans through making regular, monthly payments, employers can recruit, engage, and retain more educated, productive, and focused employees.
Benefits of Partnering with BenefitEd
Customize the Plan to Your Needs
You have option to choose which employees receive the loan repayment benefit – and how much you contribute to each of them.
Decrease Recruitment Costs
With a differentiated, unique benefits package, you gain a recruitment edge that helps you attract the best candidates while helping them work toward financial freedom.
Engage and Retain Employees
By addressing a core need to pay down student loan debt, you increase employee engagement and retain educated employees.
Minimize Administration for Your Team
With BenefitEd’s experienced team, implementation is simple – and we handle program administration and support, too.
How the Program Works
Employee Student Loan Payment
Employees are responsible for making their regular minimum monthly student loan payment.
Employer Contribution with BenefitEd
Employers send an additional contribution amount to BenefitEd, which is applied to the student loan.
Financial Benefits for Employees
With the employer’s contribution, the employee’s student loan is paid off faster – and they save money on interest over the life of the loan, too.
Employer Impact/Benefits
This program attracts candidates, builds loyalty, and keeps educated employees who appreciate help with the stress of student loan repayment.
Getting Started is Simple
Program
Design
We help you identify which employees carry student loan debt, and help create a benefit package based on your unique needs. It’s completely customizable – you decide:
- Who’s eligible for the benefit.
- How long eligible employees will have the benefit.
- How much you’ll contribute per employee.
- How often you’ll make contributions.
Easy Plan
Implementation
At BenefitEd, we do the heavy lifting so you don’t have to. As an employer, all you need to do is:
- Provide the employee enrollment file.
- Verify employee status and provide a lump sum payment.
BenefitEd will provide outreach and collect information from employees, distribute payments and notify employees when to expect payments and deposits.
Payment Plan Reporting and Results
BenefitEd tracks the impact on employee retention.
- Monthly enrollment reports help you keep tabs on your loan repayment program.
- Employees receive email confirmation that payment has been made, reinforcing the program value.
I’m very thankful that our company would do a student loan repayment program using BenefitEd. It makes me feel valued as an employee and that they’re actually investing in us. The process wasn’t hard at all. Everything just linked together when I signed up and I get that paid every month for me.
Frequently Asked Questions
We make it easy to find answers to your questions about creating and implementing your employee benefits programs. Here are common questions we encounter.
Featured Resources
In our Resource Center, you’ll find useful articles, videos, case studies, whitepapers, and more. These resources provide information on how to achieve your business objectives by effectively using education benefits to attract and engage employees.