Structure For Success: Set Student Loan Repayment On Seniority
Tiered student loan repayment plans are a great way to reward your best employees over time. With Vault, employers are in the driver’s seat.
It reveals the continued trend of ever increasing cost of college education. Forbes recently reported that student debt has now become the second highest consumer debt category after mortgage loans. As students come out of college and seek employment, finding the right job that can help reduce this burden becomes crucial.
The Vault portal is a breeze to set up and implement by HR’s needs. Employers can choose to reward senior employees with a full monthly loan repayment amount, but also incrementally reward newer employees over time.
The average employee stays with a company just two years, which creates a revolving door for recruiting teams. It’s been proven that employees who remain past four years are more likely to make it for the long term, helping HR and recruiting.
Companies can structure their payments however they see fit, with some opting for a plan similar to offering varying dollar amounts based on tenure.
- Senior employees: $100
- Mid-level: $50
- New hires: $25
Whatever your company wants to do, Vault can help. If you’ve got any questions, contact us.