If you need assistance, please reach out using the form below. Or you can take a look at our Frequently Asked Questions and Resources below.
Frequently Asked Questions
Why do we need a student loan workplace benefit?
A couple reasons, employers need ways to:
Entice future employees to join their team and
Create work environments current employees won’t want to leave.
There’s also a bigger picture need for this new type of benefit. Outstanding student loans are known to:
Delay or prevent normal life cycle events (economy suffers)
Delay or prevent normal financial growth (financial security suffers)
Aggravate stress levels of many young workers (productivity suffers)
Didn't the federal government recently do something to help the student debt issue?
Interest rates have fallen but average loan balances have risen by 40% as tuition costs climb. There’s also been a marked increase in the number of applications for the federal “Repayment Assistance Program”. This number is also expected to grow as workers are finding it increasingly difficult to manage and/or meet their financial obligations.
How much of my workforce would benefit from a Student Loan Repayment Plan (SLRP)?
More than you might think, considering employers face a 58% probability of hiring anew grad with on average $28,000 in outstanding student loans. And as for people currently working – 25% of Millennials are still repaying student debt.
How can employers afford to pay for more benefits?
This is the genius of The Smart Benefit™ - it uses pre-existing employer savings plan contributions and repurposes them for the life of the loan. With the extra monthly payment, the loan is paid off earlier than expected, for less money than expected. Upon payback, employer contributions are redirected back to the savings plan.
An annual subscription is the only required cost outlay for employers since the funds to provide this benefit are already in place.
Is student debt really an issue in Canada?
Yes! These days about 6 in 10 post-secondary graduates enter the workforce with student debt. Also, about 1 in 4 working Millennials is still repaying a student loan. The 1.3 million outstanding student loans in Canada total $30 Billion – both these numbers are growing.