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.