We’re not sure we should do this, but we can’t resist.
At Student Loan Genius, we talk to a lot of struggling graduates, and they often use humor to cope with the intense stress of financial insecurity.
Whether you’re a borrower or not, these student memes are sure to put things in perspective — and (hopefully) make you laugh.
HERE ARE SOME OF OUR FAVORITES:
Life can be as sweet as Lemonade, you just have to get on the right repayment track.
After the 6 month grace period, it might as well be winter in Westeros. We can help you win the financial battle. Request our benefit.
We know it can feel like an eternity, but we can help if you request the benefit. Our data shows that 38% of borrowers decrease their monthly payment using student loan benefits.
Please let me pay off my student loans before I forget what I even learned in college.
The drought can be over, you just need to request the benefit.
Student loan borrowers would all be Olympic runners.
You can’t just walk into Mordor, and you can’t just magically consolidate your loans. It might do more harm than good.
Honesty, Kimye should start a program. Sell a coat = save a student loan borrower 20 years
Take the Red pill on this one — there is a way to repay loans.
What if all debt was wiped out… Until that happens, student loan benefits can help. Here’s how the they work.
On a more serious note, at Student Loan Genius, we can help you get student loan benefits. Complete the anonymous form below to help us take the first step in bringing student loan benefits to your company.
Tip: The more you tell us about your HR department, the faster we can get in touch.
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When Student Loan Genius’ CEO Tony Aguilar was a Financial Advisor, one question kept popping up: “Why can’t I use my 401(k) dollars to help pay off my student loan debt?”
STUDENT LOAN GENIUS, THE EMPLOYEE FINANCIAL WELLNESS ANSWER
That recurring question was a big contributor to Student Loan Genius and the platform that helps employees address their biggest financial burden, student loans.
Here’s more on the Student Loan Genius story. Thanks to our friends at AssetTV and Cammack Retirement for inviting us to sit down and helping #crushstudentloans.
Do you think your employees would benefit from student loan benefits? Request a demo here.
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Student loan debt isn’t just a millennial problem, it’s a growing nationwide epidemic for those approaching retirement.
According to an U.S. Government Accountability Office analysis of Survey of Consumer Finances data, outstanding federal student loan balances for people 65 and older have ballooned; jumping from $2.8 billion in 2005 to $18.2 billion in 2013.
In addition, the Federal Reserve Bank of New York reports that the total student loan debt of those over age 55 is now up to $43 billion. That’s a 500 percent increase, from $8 billion, in just seven years.
As these are increasingly affected by student debt, that impact is felt throughout their entire financial lives; especially when it comes to retirement.
The latest 2016 data from GoBankingRates show that 1 in 3 Americans has saved $0 for retirement. When broken down by age, the same report shows people over age 55 make up 28%, or more than a quarter, of those who have no money saved for retirement.
Add these individuals, the 75 percent of Americans over age 40 who are behind on saving, and the Congressional Budget Office projections that student loan debt will double by 2024 and you a have a recipe for financial hardship for should-be retirees.
Without assistance, monthly debt payments like student loans will limit waves of employees from retiring on time with a reasonable quality of life.
The burden of paying for educational debt on top of other expenses can be more than many retirees or employees preparing to retire can handle. GAO data shows that 27 percent of retirees ages 65 to 74 have loans in default. In addition, more than 50 percent of employees age 74 and above also fall victim to a loan default. The additional burden of student loan payments, whether for the employee or a child, is a hardship with far reaching effects including credit, healthcare, and employability.
The student loan benefit buzz that many companies across the nation are using to attract and retain millennials can help their existing workforce too. Innovative concepts like 401(k) contributions triggered by student loan payments and automatic payroll deductions that make loan pay down and saving easy can be key in fighting for a more retirement-ready workforce.
For example, a Baby Boomer, making $100,000 in salary who receives a Genius Match at 3 percent will benefit from an additional $37,091 at retirement. Those funds would cover an estimated 10 years of a student loan payment of $287.
For companies who are committed to helping employees attain financial wellness, student loan benefits are a serious opportunity for all employees.
Let us help you get the answers on student loan benefits could positively impact your employees. Contact us to receive a short survey and free report, to view the real data on how student loans are affecting your organization’s health today.
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Student loan debt is thought to be a Millennial problem by most employers, but recent data shows this notion simply isn’t true.
When broken down, the numbers show that today’s $1.3 trillion student loan problem is actually huge for a different generation,whose struggles are turning into serious employer costs and personal financial crisis for millions of Americans.
According to the Federal Reserve Bank of New York, borrowers between the ages of 30 and 49 hold at least 50 percent of today’s student loan debt. This means Generation X carries most of America’s $1.3 trillion student loan debt and is the most likely to reap real financial benefit from an employer-sponsored student loan reimbursement program.
Behind Generation X are Millennials, who carry roughly 30% of today’s debt, followed by Baby Boomers, who hold less than 10% of today’s student loan debt.
According to Purchasing Power data on debt-stress, 47 percent of employees are spending 2-3 hours at work each week dealing with financial issues. Based on current median salary of Gen Xers, those 2 – 3 hours translate to more than $200k in lost productivity for companies. On the flip side, if you can help reduce your employees’ debt-stress, companies stand to regain the loss in productivity and the costs associated.
Student loan stress affects 70 percent of today’s graduates, meaning that student loan help is a necessity for employers who are serious about promoting real employee wellness.
For companies who are serious about employee wellness and winning the recruiting and retention battle, national data and the headlines from Fortune, Bloomberg, and other outlets say that student loan benefits make sense.
The real question is “should my company offer a student loan benefit? And, if so how?”
For every organization these answers are different. Let us help you get the answers you need. Contact us to receive a short survey and free report you can share with your employees on how student loans are affecting your organization today.
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Data only tells part of any story. The reality that accompanies that fact, that 70% of last year’s college graduates were walked across the stage into a sea of student loan debt, isn’t just big numbers, it’s personal.
It becomes crystal clear when you talk to those who’ve been able to break free from, or at least tame, their life-altering student loan debt.
Here are three stories from real working professionals we’ve been able to help, who are a major part of why we are tackling student loan debt.
After finishing her Master’s degree at the University of Texas at Austin, Ashley got the email everyone with student loans dreads. She would have to start paying off her debt in 2 months.
“I just really had no idea what to expect,” said Ashley. “I had no idea how to go about any of it.”
Stunned by the sum of debt from her degrees, Ashley was searching for any form of relief. She found Student Loan Genius in 2014 and was able to lower her initial $800 monthly payment by hundreds of dollars.
“Since I found Student Loan Genius, it’s been such a weight off of me,” said Ashley.
“For anyone that’s curious about their student loans, there’s no reason not to come check out Student Loan Genius.”
Often undergraduates sign up for loans through financial aid without fully understanding the implications.
“I graduated with $40,000 in federal loans, and I didn’t really understand the repayment plans,” said Caroline.
Without much knowledge of the process, she decided to consolidate her loans, which extended her pay period out to about 20 years. Then she heard about Student Loan Genius and realized that there were other options.
“Student Loan Genius helped me figure out that I could refinance my loans, which made it so that I now only have about 5 years left to pay. It was incredible.”
Along with the general advice she got from Student Loan Genius, she was also struck by the matching program.
“When I heard about the employer match on student loans I was really jealous. It’s such a good perk.”
Soon enough, Caroline was able to turn her debt problem around. She was so inspired by the mission of Student Loan Genius, that she applied to join the company, and today works to help others like her who were burdened by student loans.
Travis pretended like his student loan debt didn’t exist and deferred the payments. But before long, it was time to pay up and Travis was lost.
“The debt has always been a burden on my conscience. I can’t escape it.”
Then, one day, he heard about the Student Loan Genius benefit. “It helped me understand my options, and the staff went out of their way to understand me on a personal level.” After an hour-long meeting, Travis was on the path to success including a new repayment plan with a monthly payment he could actually make.
“To anyone with student loan debt, these people are the professionals. This is their area of expertise,” said Travis.
We can help bring student loan benefits to your employer. Contact us and we will reach out to help bring Student Loan Genius to your company and help you crush student loans.
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