I graduated in 2012 with over $100k of student debt. If you were to ask me why I decided to attend an out-of-state, private school for just a undergraduate, Graphic Design degree then the best answer I have for you is, I thought that's what I was supposed to do. I honestly didn't really know what I was getting myself into. It wasn't until I was paying $1k per month to various lenders that I realized the consequences of my ignorance.
Unfortunately, this story is not unique to me. There are 44.7 million Americans with student loan debt and collectively we owe $1.56 trillion (yes, trillion with a 't'). The numbers are staggering, but most concerning is that the cycle continues, with no end in sight. I started DebtBennies because I saw an opportunity to help change this.
The average monthly student loan payment amongst those not in deferment is $393. Employers are starting to recognize the impact that this can have on an employee's productivity, morale, retention, etc. To combat this, some companies are pioneering practical solutions in the form of benefits. DebtBennies is designed to daylight these companies and the advantages gained by offering these benefits to their employees.
Student debt isn’t just the problem of those who have it – it is our problem, a societal issue. Our generation and those that follow have been financially depressed by this mountain of debt and its effects can be felt in and out of the workplace. I want to challenge you, the employers, to invest the time and resources to understand the impact that student loans have on your organization and to consider offering benefits of your own. The evidence suggests that we all win when you do.
By helping ease their financial burden, our employees can better focus on our mission of building a healthier world.
Mark Bertolini, Chairman & CEO