Once the pandemic hit, momentum slowed. People werehours got cut and pay scaled back. Employers and employees focused instead on emergency savings, Copeland said.
“It’s shifted from ‘Yes, we have an interest, we’d like to learn about this,’ to ‘OK, how do we actually implement this?’” said Mick MacLaverty, Highway Benefits’ chief executive. “It’s been a little bit out of sight, out of mind for employees. But now that loans are resuming, student loan forgiveness via the Supreme Court did not go through, companies are looking for unique ways to attract and retain talent.
But the practice has also raised questions of fairness. Not every worker has student loans, and some employees will not get to reap the benefits, said Sandy Baum, a senior fellow and a higher education economist at the Urban Institute think tank. Some companies such as UKG have evolved their student loan repayment programs to be more flexible and address some of these critiques. Instead of earmarking funds specifically for student loan repayment, the company reimburses the employee $350 a quarter for 100 different personal needs, including student loan repayment.
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