Student Loan Assistance: The Newest Workplace Benefit to Encourage Retention, Reports Ameritech Financial
ROHNERT PARK, Calif., September 26, 2018 (Newswire.com) - How important are employee benefit packages to those in the workforce? Almost half of all current employees like their current benefits package. Yet 23 percent of full-time workers don’t receive any benefits. People who get benefits think the Healthcare Plan is most important. From a different angle, eight out of 10 employers said keeping employees is a top priority. Half of them plan to use benefits to encourage employees to stay with them. Other work perks, like student loan help, are becoming popular in the workforce. Ameritech Financial is a document preparation company that assists borrowers with federal repayment plan applications. If borrowers are struggling with their student loans, they may be able to turn to available income-driven repayment plans (IDRs) to help manage those loan payments.
“Student loan help as a workplace benefit is phenomenal. It's true that employees can enjoy free lunch or work retreats at certain companies. Yet the $1.5 trillion in student loan debt is a heavy weight on borrowers,” said Tom Knickerbocker, executive vice president of Ameritech Financial. “If employees don’t receive this perk at their job, they have other options. They can look into repayment plans offered through the Department of Education that could potentially reduce their monthly payments.”
If employees don't receive this perk at their job, they have other options. They can look into repayment plans offered through the Department of Education that could potentially reduce their monthly payments.
Tom Knickerbocker, Executive Vice President of Ameritech Financial
Companies that offer student loan help have plans that range from three to seven years, paying as much as $10,000 per employee. They range from an accounting firm to a major office supplies store, high-end makeup manufacturer, Aetna and more. These companies try to stay competitive by reducing their employees’ monthly payments. If average student loans are roughly $30,000, reducing them by $10,000 over several years is a huge advantage. If loan help plans are not offered at a workplace, borrowers should look into their alternatives, such as finding out if their income or family size could lower their monthly payments.
Because student debt is ever-increasing, these work perks are very helpful to employees. Yet the number of companies offering student loan help is low, at four percent of employers. There are predictions that it will increase in popularity. One report warns of complications, such as payment processing errors. There is also no consistent process for handling third-party payments.
“Borrowers need all the help they can get,” said Knickerbocker. "They should remember income-driven repayment plans are another method to reduce monthly student loan payments."
About Ameritech Financial
Ameritech Financial is a private company located in Rohnert Park, California. Ameritech Financial has already helped thousands of consumers with financial analysis and student loan document preparation to apply for federal student loan repayment programs offered through the Department of Education.
Each Ameritech Financial telephone representative has received the Certified Student Loan Professional certification through the International Association of Professional Debt Arbitrators (IAPDA).
Ameritech Financial prides itself on its exceptional customer service.
To learn more about Ameritech Financial, please contact:
5789 State Farm Drive #265
Rohnert Park, CA 94928
Source: Ameritech Financial