{"id":13563,"date":"2017-12-04T15:00:00","date_gmt":"2017-12-04T15:00:00","guid":{"rendered":"https:\/\/www.wellable.co\/blog\/majority-of-recent-graduates-would-accept-salary-cut-for-student-debt-benefit\/"},"modified":"2022-10-25T21:50:55","modified_gmt":"2022-10-26T01:50:55","slug":"majority-of-recent-graduates-would-accept-salary-cut-for-student-debt-benefit","status":"publish","type":"post","link":"https:\/\/www.wellable.co\/blog\/majority-of-recent-graduates-would-accept-salary-cut-for-student-debt-benefit\/","title":{"rendered":"Survey: Majority Of Recent Graduates Would Accept Salary Cut For Student Debt Benefit"},"content":{"rendered":"<p><img decoding=\"async\" class=\"alignright\" title=\"student-debt\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2022\/08\/student-debt.jpg\" alt=\"student-debt\" width=\"356\" data-constrained=\"true\" \/><\/p>\n<p>As the second leading form of debt in the United States, student loans are a significant source of stress for a number of employees, which explains the findings from a recent <a href=\"https:\/\/www.millennialpersonalfinance.com\/student-loan-repayment-benefits-study\/\" target=\"_blank\" rel=\"noopener\">survey<\/a> of 2013 to 2017 graduates conducted by Millennial Personal Finance. According to the survey, 53% of respondents said they would consider a salary cut in exchange for a student loan repayment benefit. In addition, 23% would exchange healthcare benefits for student loan benefits along with 46% and 33% willing to trade paid-time off and retirement benefits, respectively. Given the age of individuals most impacted by student debt, the results should not come as much of a surprise. That is, monthly student debt payments are a near-term concern for many employees, especially millennials, while health insurance and retirement planning feel like far-off worries.<\/p>\n<p>The survey results suggest employers looking to attract and retain millennial talent would be wise to invest in student debt benefits. Eighty-four percent of respondents were willing to accept a job offer at a new company if their employer offered a student loan contribution benefit. This number is consistent with the 90% of recent college graduates that provided the same response in a SoFi survey. Consequently, employers can extract financial gains by lowering the costs associated with talent management. Also, with 57% of the millennials citing student debt as a major stressor affecting their daily productivity, employers financially benefit from a more efficient workforce. Both gains directly impact the bottom line, which explains why so many leading companies are investing in student debt benefits.<\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" title=\"Student Debt Statistics\" src=\"https:\/\/www.wellable.co\/blog\/wp-content\/uploads\/2022\/08\/Screen%20Shot%202017-12-04%20at%209.51.55%20AM.png\" alt=\"Student Debt Statistics\" width=\"832\" data-constrained=\"true\" \/><\/p>\n<p>The survey is particularly interesting because the prevalence of student debt benefits makes it an area where a company differentiate itself easily from most of the competition, as only 19% of respondents said they receive a student loan repayment benefit from their employer. Also, two-thirds of employees with student debt repayment benefits from their employer receive $199 or less. Unlike health insurance, which is largely available from most employers and not an immediate area of concern, employers with student debt benefits will offer many millennials a compelling reason to join their team.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Monthly student debt payments are a near-term concern for many millennials, while health insurance and retirement planning feel like far-off worries.<\/p>\n","protected":false},"author":1,"featured_media":13564,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-13563","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-holistic-workplace-wellness"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.6 (Yoast SEO v24.8.1) - 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