When it comes to the burden of student loan debt, people often think about recent college graduates or those who borrowed to pay for their own education. However, parents who take out federal loans to help pay for their children’s education make up a growing segment of borrowers facing the same student loan struggles. The U.S. Department of Education reports over 3.6 million Parent PLUS borrowers in the U.S. as of the second quarter of 2024 (Source: studentaid.gov). Parent PLUS borrowers have an average loan amount exceeding $30,000 (Source: studentaid.gov). In less than 10 years, Parent PLUS loan debt has increased by 72% to $112.2 billion (Source: studentaid.gov).
Why are Parent PLUS Loans a Concern?
Unlike Direct Loans to students, Parent PLUS loans have fewer repayment options, higher interest rates, and higher default rates (Source: studentaid.gov). Nearly 13% of Parent PLUS borrowers default within four years of their child's graduation, leading to significant financial stress (Source: bestcolleges.com). This stress can impact parents’ workplace productivity as well as their mental and physical health.
How Can You Help as an Employer?
Employee-sponsored student loan repayment programs can be a valuable benefit for your workforce. By acknowledging that student loan debt affects employees at all stages of life, you can offer support that goes beyond recent graduates. This not only helps your employees, but also fosters a positive and supportive work environment. In a job market that doesn’t show signs of slowing down, that kind of support can play a critical role when it comes to your talent acquisition and retention efforts.
Attigo by Ascendium: Helping Your Employees Manage Student Loan Debt
Offering student loan repayment support demonstrates your commitment to employee well-being and financial security. Attigo® by Ascendium is here to support you with personalized counseling services to help employees navigate their complex student loan repayment options.
- When student loan questions arise, our Student Loan Success Center™ provides a toll-free number with short wait times, ensuring employees get the support they need quickly and efficiently. Our experienced student loan counselors provide one-to-one counseling and personalized guidance based on the employee’s unique situation.
- Online education ensures your employees have access to the information they need whenever they need it. From income-based repayment plans to Public Service Loan Forgiveness, financial wellness, and beyond, our Knowledge Center website offers videos, articles, and guides to help employees achieve their financial goals and successfully navigate repayment.
- We partner with Savi to provide sophisticated technology designed to help your employees identify repayment options with a focus on savings and forgiveness. This mobile-optimized solution keeps employees from becoming delinquent, defaulting, or paying more on their student loans than needed.
“I am extremely grateful for the assistance today on the phone. This process has been very overwhelming for me, and your staff member today was not only professional and patient, she was kind and knowledgeable. She answered many questions I had and said she would have someone contact me to make sure that I am clear on the next step and my status. She was very good at her job, and considering I was very tearful in the beginning and ended the call very happy says a lot. Thank you!”
EMPLOYEE TESTIMONIAL – HEALTHCARE PROVIDER
Learn More About Attigo by Ascendium
Student loan counseling from Attigo® by Ascendium can help your employees successfully navigate student loan repayment, no matter what stage of life they’re in. Visit attigo.com/employers to learn more.
