Employer assisted student loan repayment is gaining popularity as an effective recruitment tool for U.S. companies. And with good reason for what new grad wouldn’t want help paying off student loans?

Student loan debt in Canada has surpassed $30 billion; in Alberta, between 2011 and 2017, student borrowing increased 50%. In any given business about 25% of employees under age 35 are still repaying student loans. 

With Gen Z, the newest demographic to enter the workforce, the percentage of university graduates with student loans increases to 57%. This means more than half the emerging workforce is burdened by big debt before they even land a job. 

Outstanding student loans cause stress, they delay the pursuit of common life goals, and debt is also known to inhibit participation in the company retirement savings plan. A workplace benefit that helps employees manage these concerns is a smart benefit.

The Smart Benefit™ allows employees with student loans to aggressively reduce the term and cost of student loan repayment. Contact us today to learn how to bring The Smart Benefit™ to your workplace.

Source: Alberta Student Aid Statistical Profiles 2016/17