Student loan debt is often thought of as a primarily Millennial issue, but the student loan generation is really Generation X. 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 debt.
When it comes to creating financial wellness, employers don’t need to know just who has the debt.
The next big question for employers looking to create financial wellness is “who is struggling the most with student debt?”
FINANCIALLY UN-WELL: SCARY DATA ON DELINQUENCY
The scary fact for employees is that almost one in five borrowers with student is delinquent. Data from Federal Reserve Bank of New York shows that overall, 6.7 million borrowers are 90+ days delinquent, which equates to 17% of borrowers.
BIG MISSERS ARE UNDER 30
In the repayment groups, borrowers under the age of 30 have the highest share delinquency. 35% of this population is 90 or more days delinquent on their student loan payments.
BIG DEBT HOLDERS ARE ALMOST AS LIKELY TO PAY LATE
Borrowers ages 30 to 49 trail those under thirty closely, with 33% of this age group of borrowers in reportedly 90 days delinquent on their student loan payments.
THE NEED FOR HELP IS GROWING. HOW TO MAKE IT A REALITY
What’s most important for employers to know is that the need for student loan help for employees is growing. The age group that has the highest share of borrowers who are 90 or more days delinquent has doubled since 2004.
The next big question for employers looking to create financial wellness is “who is struggling the most with student debt?”
FINANCIALLY UN-WELL: SCARY DATA ON DELINQUENCY
The scary fact for employees is that almost one in five borrowers with student is delinquent. Data from Federal Reserve Bank of New York shows that overall, 6.7 million borrowers are 90+ days delinquent, which equates to 17% of borrowers.
BIG MISSERS ARE UNDER 30
In the repayment groups, borrowers under the age of 30 have the highest share delinquency. 35% of this population is 90 or more days delinquent on their student loan payments.
BIG DEBT HOLDERS ARE ALMOST AS LIKELY TO PAY LATE
Borrowers ages 30 to 49 trail those under thirty closely, with 33% of this age group of borrowers in reportedly 90 days delinquent on their student loan payments.
THE NEED FOR HELP IS GROWING. HOW TO MAKE IT A REALITY
What’s most important for employers to know is that the need for student loan help for employees is growing. The age group that has the highest share of borrowers who are 90 or more days delinquent has doubled since 2004.
Today, companies and HR professionals across the nation are helping end the student loan epidemic. To learn more about how to help employees who have student loans, complete the form below to get a live demo or student loan impact assessment for your company.
Today, companies and HR professionals across the nation are helping end the student loan epidemic. To learn more about how to help employees who have student loans, contact us to get a live demo or student loan impact assessment for your company.
by First name Last name | Jul 25, 2016
by First name Last name | Jul 25, 2016
by First name Last name | Jul 25, 2016