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SLA Programs: A Good Fit for Professional Associations

Oct 10, 2019

Key Takeaways

  • Second only to mortgages in the consumer debt category, student loan debt tops $1.5 trillion.
  • Seven in 10 college students graduate with debt at an average of $37,000 per graduate.
  • Associations offering student loan assistance programs can help members manage their debt.

 

Student loan debt has become a challenge for many Americans, and the impact often seeps into the workplace. Members of professional associations, many of whom are small business owners, may be even more at risk from the student loan crisis than larger employers. While many association members may look forward to one day selling their business to a successor, high levels of student debt can make it hard for those successors to secure financing to buy a business. High levels of student debt can be a challenge for association members themselves, as it can jeopardize their long-term financial wellbeing.

Fortunately, associations have an opportunity to help their members through student loan assistance programs. These programs can help employees organize, understand, consolidate, and possibly refinance their student loans.

 

Total student loan balances by age group
Age Group Percentage
under 30 38%
30-39 27%
40-49 16%
50-59 12%
60+ 7%

 

Student loan assistance programs offered by professional associations can help their members, and their members’ key employees, create a plan for eventually paying off their debt. In this way, they have a real opportunity to help their members.

 

For Compliance Use Only:1027474-00001-00

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