Student debt is painful for college graduates today. They are unable to begin saving toward their 401K, start a family, or even buy a house due to their mountain of student loan debt.

In fact, the debt amounts are so high for these grads that approximately 40% of them are in default on their loans. In one word, this is a PROBLEM.

However, the issue could potentially be remedied by making student debt payoff a benefit offered by your company.

5 reasons to add this benefit to your package:

1. Top Talent – If you help college graduates pay off what they owe, then you’ll most likely attract the best-of-the-best. These promising candidates quite possibly could be facing a large debt amount. If you help them pay their loans off, then they will be more likely to accept your position over another company.
2. Innovative Concept – The idea to add student debt pay off to a benefits package is, currently, considered to be more cutting edge, different and new. Try and be innovative with your benefits package! You’ll attract and secure better candidates.
3. Recruitment Tool – Provide a little inspiration by offering this benefit in the recruitment phase. If you use the student debt payoff as a reason to work for you, then you’ll quite possibly grab more attention from job seekers.
4. Slow to Implement – A company’s slow pace in adding this benefit has been a flaw. Don’t let that be your story. Implement it already! Please don’t drag your feet. Start now and stand out to those seeking employment.
5. Be Different – I know this benefit is a little new feeling. However, don’t be the last one around to make it happen! Choose to be different, fresh and original. You’ll hire more talented employees and help those grads along the way. Win-win!

Student debt is extreme these days. Job seekers would be fascinated by an offer to help them pay down debt and also have a new job.

What are you waiting for? Get a jump start on your program and make a difference in the lives of your recently graduated employees.

Written for us by our associate Gary Sorrell, Sorrell Associates, LLC.

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