Employer-Provided Student Loan Benefit Would Play Role in Assessing Job Opportunities
Posted by Charles Middleton on 06/04/2019
The survey’s finding from the NORC AmeriSpeak Omnibus Panel comes as SHRM is advocating for H.R. 1043/S. 460, the Employer Participation in Repayment Act. This bipartisan, bicameral bill would expand current employer-provided education assistance to include student loan repayment as a type of tax-free benefit.
“Expanding the scope of employer-provided education assistance to include student loan repayment would be a win for both employees and employers,” said Chief of Staff Emily M. Dickens, who oversees SHRM’s Government Affairs. “Providing employers with the flexibility to offer support gives employees choices when making decisions on education. And, as the research shows, education assistance helps employers attract talented employees and build diverse teams to compete globally.”
A Federal Reserve study found that student loan debt has increased by 96 percent since 2010, which signals that more people entering the workforce are graduating with significant student debt. As a result, employees are seeking benefits such as employer-provided education assistance and student loan repayment. In this competitive labor market, some employers are already restructuring benefit offerings to attract and retain talent.
SHRM chairs the Coalition to Preserve Employer Provided Education Assistance, which is made up of nearly 100 organizations representing employers, labor and higher education, all of which are committed to strengthening employer-provided education assistance.
Methodology: The research polled 1,084 Americans using AmeriSpeak Omnibus, a monthly multi-client survey using NORC at the University of Chicago’s probability-based panel designed to be representative of the U.S. household population. The survey was conducted from May 14 to 21, using both online and phone methods.