Designing Employee Benefits to Address Educational DebtConfero Fall 2018
Michelle Capezza, Member of the Firm in the Employee Benefits and Health Care and Life Sciences practices, in the firm’s New York office, authored an article in Confero, titled “Designing Employee Benefits to Address Educational Debt.”
Following is an excerpt (see below to download the full article in PDF format):
It has been widely reported that student loan debt is at an all-time high, which in turn causes many workers financial stress and influences their decisions to delay family planning and home purchases. In addition, educational debt is often cited as a major reason why individuals are unable to save any additional compensation for retirement as well as meet their many immediate expenses. However, not only is educational debt an issue for young workers entering the workforce, but also it will become increasingly more prevalent as a financial stressor as more workers find themselves in the position of re-skilling for future jobs as a result of increasing automation and artificial intelligence in the workplace. With renewed attention to these issues, and overall financial wellness initiatives, student loan repayment and educational assistance programs have been garnering increased interest as employers consider new ways to expand their employee benefit programs in a manner that will provide meaningful benefits to workers.