How Companies Can Free Employees of Student Loan Debt Using Tuition.io

The issue of crippling student loan debt is quite horrific, especially when you compare this to the amount of credit card debt. About 44 million Americans owe more than $1.48 trillion in student loan debt, and that’s greater than the total US credit card debt by $620 billion!  Companies like Tuition.io are working to solve this problem.

Since the US government isn’t making much headway in solving this problem, companies like Tuition.io are lending a helping hand. They’re working with various US companies and helping them to free their employees from the burden of this student loan debt.

What convinces many companies to take a more active role in helping out is the matter of employee retention. In various surveys, it’s been found that 86% of employees would stick it out with a particular company for at least five years if that company contributed to paying down student loan debt.

Tuition.io helps with this issue by offering the leading employee-benefit platform, enabling companies to help with the payment of student debt. Tuition.io has already succeeded in managing more than $2 billion in outstanding loans, despite their relative rookie status in the industry.

Tuition.io works with the company to create a contribution program. This program is based on the needs of not just employees, but of the company as well. However, as the employer, you are the one who chooses the program that is implemented. You write the rules and determine who the eligible employees are. The point of this is?  You have the ability to choose which employees you want to retain in your organization.

The team from Tuition.io manages everything for you.  This management covers getting the right employees onboard, verifying their debts, and sending out the payments to the loan servicer. You can, however, track everything through the administrative and analytics tool.

And as the employer who made this all happen, you get the credit. To be frank, your employees will feel beholden to you, and you will be able to convince them to stay on as employees. You have proven your loyalty as their employer, and your employees will most likely reciprocate.

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