IonTuition study shows strong desire for student loan assistance over traditional employee benefits and trending voluntary benefits alike
ROLLING MEADOWS, IL – August 22, 2018 – IonTuition, the leading provider of student loan management solutions for employers and universities, today announced survey findings on how student loan debt affects borrowers. As there are now nearly 44 million Americans bearing over $1.5 trillion in student loan debt, IonTuition gauged whether opinions on student loan assistance benefits have shifted in the past year in tandem with the ever-increasing debt crisis.
Although 2017 survey respondents also expressed high levels of interest in student loan repayment assistance as an employee benefit, demand has only risen. In 2018, 80 percent of respondents either agreed or strongly agreed that they would like their company to offer a voluntary student loan assistance benefit, in comparison with just over three quarters in 2017.
Borrowers are also taking on more debt, as over 30 percent of survey respondents took out more than $30,000 in student loans. Consequently, borrowers are increasingly prioritizing student loan assistance over other, more traditional employee benefits. While in the past, benefits like 401(k)s were strongly coveted, today many employees, two-thirds of survey respondents, would prefer student loan repayment bundles over 401(k) benefits.
When asked to rank voluntary employee benefits in order from most desirable to least desirable, student loan assistance was ranked most desirable, followed by personal financial planning, legal services, identity theft protection, retail discount program and pet insurance.
With 78 percent of respondents expressing that their company does not offer a student loan assistance benefit, employers may be more competitive in the job market by offering this benefit. While 401(k) benefits are attractive, employees are increasingly demanding student loan repayment assistance benefits instead. Employers who meet this demand can expect decreased employee stress, and increased productivity.
IonTuition surveyed 1,000 individuals over the age of 18 who have taken out student loans. The full survey report may be viewed here.
IonTuition is the industry leader in student loan benefit solutions. We provide employee-centric support throughout the student loan borrowing and repayment lifecycle. Our dedicated counselor concierge service and interactive, user-friendly student loan management platform are proven to help all of those affected by student loan debt, whether their own or that of a family member. For more information, visit IonTuition.com or follow IonTuition on LinkedIn, Twitter and Facebook.