Student loan payments are due. Can employees catch up? – Employee Benefit News
Are you ready to pay your student loans?
For many borrowers whose federal loan repayments kick in this week — after more than three years of paused payments launched in the early days of COVID-19 — the answer is an alarming “no.”
The outstanding balance for student loan debt has reached $1.6 trillion across 43 million Americans, according to the Federal Reserve. The average federal student loan debt is $37,338 per borrower, according to a 2023 report from the Education Data Initiative, and the private student loan debt averages at $54,921. In June of 2023, the Supreme Court voted to reject President Biden’s plan to forgive up to $20,000 in federal student debt for every borrower.
Read more: What the Supreme Court’s ruling on student loan forgiveness means for employees
As Americans prepare to meet these payments, many will be turning to employers for help. But only 7% of U.S. employers offered student loan repayment assistance at the beginning of 2022, according to a survey from…
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source: https://news.oneseocompany.com/2023/10/02/student-loan-payments-are-due-can-employees-catch-up-employee-benefit-news_2023100250817.html
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