If you’ve hired any new graduates recently, you know one of their biggest financial wellness struggles—student loan debt. Right now, the total amount of student loan debt in the U.S. is over $1.58 trillion spread out over 45 million borrowers.^1,2 That’s insane!

Recently, President Biden's student loan debt relief plan was struck down by the Supreme Court.³ Federal student loan payments will resume October 2023—with interest starting back September 1, 2023.⁴

Student loan anxiety doesn't magically disappear when workers get to the office. When your employees are feeling the squeeze of life in debt, it can lead to increased absenteeism, more 401(k) loans or pay advances, and lower productivity.

Helping your team address their student loans can go a long way in removing some of that stress from their shoulders. And many companies are looking for creative and practical ways to do that. Here are two to consider. Spoiler: You're already doing the second one!

Student Debt Payment Program

An increasing number of businesses are offering student loan repayment assistance as a benefit. This is a crucial benefit for new graduates who are likely in their first full-time position and learning how to budget and support themselves for the first time. Throwing young workers a lifeline will go a long way in ensuring they’re productive economically in their careers.

Fostering Behavior Change

Starting a career in a large amount of debt can have a devastating effect on a worker’s well-being. Whether you choose to help your employees with loan repayment assistance or not, you’ve taken the first step to help them by offering SmartDollar. You’re providing your employees with teachings about how to get out of debt, budget well, and invest wisely so you can have a stronger team and better business results.

Take the first step to helping your employees combat student loan debt by sending out this campaign below.