Student Loan Payment Assistance Is the Hottest New Job Benefit

By Dan Avery

Eighty-five percent of workers say they’d leave their job for a company that helped them with their student loans.

Now that the White House has unveiled its student loan forgiveness program and announced the last extension of the payment pause, borrowers have a clearer picture of the financial burden they’re facing. President Joe Biden’s plan cancels $10,000 in debt for individuals earning less than $125,000 a year (or $20,000 if they have a federal Pell grant).

That’s expected to wipe out the balances of almost a third of the 45 million Americans currently holding federal student loans, but many borrowers will still head into 2023 under a cloud of debt.

Help could come from an unexpected source: Their bosses. A growing number of employers are offering student loan assistance as a job benefit to lure — and keep — top talent.

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