The soaring increase in student loan debt in the United States has become a growing burden not only for college graduates, but also for many parents. Total outstanding student loan debt has reached a staggering $1.5 trillion, making it the second highest category of consumer debt behind mortgage debt.1
It has become a growing issue for employers as well, as student loan debt can impact not only employees' personal, but also their professional lives. Financial stress can result in increased levels of absenteeism, disability and turnover, as well as increased healthcare costs. Higher levels of student loan debt among employees also can boost costs for employers if those debts force employees to work longer because they can’t afford to retire.