PLANSPONSOR - September 2017 - 18
Upfront
Helping
With College
Debt and
Savings
BE IT paying off student loan debt well
into middle age or saving for a child's
education, Americans increasingly find
that funding a college degree puts a major
drag on retirement saving. And, as the
stress related to looming student debt
grows, more employees are looking to
work for companies that offer to pay down
their student loans, according to a survey
by student loan management assistance
provider IonTuition.
The survey found 80% of the approximately
1,000 respondents would like to
work for a company that offers student
loan repayment benefits, whereas 70% of
about the same number had said so in a
2015 survey. In addition, 70% of students
graduate from college with student loan
debt averaging $37,172, and people carry
the debt well into their adult years: 44%
of Millennials bear this burden, while the
same is true for 26% of Generation X and
for 13% of Baby Boomers.
More than half of those with student
debt would prefer that their employers
give monthly contributions toward that
debt instead of health care benefits, and
nearly 48% would choose student loan
assistance over a 401(k) plan. Of the nearly
50% of respondents who reported having a
401(k), nearly one-quarter said they would
prefer student loan assistance over it.
Peter Marcia, CEO of consulting firm
YouDecide, foresees student loan programs
increasing as an employer benefit as
more young talent is hired. Repayment
programs will be used as a powerful incentive
to recruit and retain young employees,
especially right after graduation when
many Millennials look for financial assistance
for paying off student debt, he says.
Asked if employees should focus on
paying down debt first, before saving in a
retirement plan, Balaji " Raj " Rajan, CEO
of IonTuition, says, " Debt is expensive and
How Long Will It Take You to Pay Off Your Student Loan
Debt at Your Current Rate of Repayment?
31%
24%
20%
<5 years
5 - 10 years
11 - 20 years 21 - 30 years
11% 11%
Not sure
Source: IonTuition, " Student Debt: A Growing Problem for All Employees - 2017 Report "
18 PLANSPONSOR.com September 2017
http://www.PLANSPONSOR.com
PLANSPONSOR - September 2017
Table of Contents for the Digital Edition of PLANSPONSOR - September 2017
Harvesting the Right Facts and Figures
2017 target-Date Fund Buyer's Guide
Allocating Benefit Dollars
Keeping Money in the Plan
Strategic Timing
Rothification of DC Plans
PLANSPONSOR - September 2017 - Cover1
PLANSPONSOR - September 2017 - Cover2
PLANSPONSOR - September 2017 - 1
PLANSPONSOR - September 2017 - 2
PLANSPONSOR - September 2017 - 3
PLANSPONSOR - September 2017 - 4
PLANSPONSOR - September 2017 - 5
PLANSPONSOR - September 2017 - 6
PLANSPONSOR - September 2017 - 7
PLANSPONSOR - September 2017 - 8
PLANSPONSOR - September 2017 - 9
PLANSPONSOR - September 2017 - 10
PLANSPONSOR - September 2017 - 11
PLANSPONSOR - September 2017 - 12
PLANSPONSOR - September 2017 - 13
PLANSPONSOR - September 2017 - 14
PLANSPONSOR - September 2017 - 15
PLANSPONSOR - September 2017 - 16
PLANSPONSOR - September 2017 - 17
PLANSPONSOR - September 2017 - 18
PLANSPONSOR - September 2017 - 19
PLANSPONSOR - September 2017 - 20
PLANSPONSOR - September 2017 - 21
PLANSPONSOR - September 2017 - 22
PLANSPONSOR - September 2017 - 23
PLANSPONSOR - September 2017 - 24
PLANSPONSOR - September 2017 - 25
PLANSPONSOR - September 2017 - Harvesting the Right Facts and Figures
PLANSPONSOR - September 2017 - 27
PLANSPONSOR - September 2017 - 28
PLANSPONSOR - September 2017 - 29
PLANSPONSOR - September 2017 - 30
PLANSPONSOR - September 2017 - 31
PLANSPONSOR - September 2017 - 2017 target-Date Fund Buyer's Guide
PLANSPONSOR - September 2017 - 33
PLANSPONSOR - September 2017 - 34
PLANSPONSOR - September 2017 - 35
PLANSPONSOR - September 2017 - 36
PLANSPONSOR - September 2017 - 37
PLANSPONSOR - September 2017 - 38
PLANSPONSOR - September 2017 - 39
PLANSPONSOR - September 2017 - 40
PLANSPONSOR - September 2017 - 41
PLANSPONSOR - September 2017 - 42
PLANSPONSOR - September 2017 - 43
PLANSPONSOR - September 2017 - Allocating Benefit Dollars
PLANSPONSOR - September 2017 - 45
PLANSPONSOR - September 2017 - 46
PLANSPONSOR - September 2017 - Keeping Money in the Plan
PLANSPONSOR - September 2017 - 48
PLANSPONSOR - September 2017 - 49
PLANSPONSOR - September 2017 - Strategic Timing
PLANSPONSOR - September 2017 - 51
PLANSPONSOR - September 2017 - Rothification of DC Plans
PLANSPONSOR - September 2017 - 53
PLANSPONSOR - September 2017 - 54
PLANSPONSOR - September 2017 - 55
PLANSPONSOR - September 2017 - 56
PLANSPONSOR - September 2017 - Cover3
PLANSPONSOR - September 2017 - Cover4
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