A harrowing 93% of borrowers have expressed that they’re not financially prepared for student loan payments to resume in September according to a survey conducted by the Student Debt Crisis Center. CNBC recently reported that a number of companies are planning to offer their employees assistance with paying back student loans.

“The Biden administration is currently deciding how to proceed with student loan [cancellation], and there are signs that the repayment pause may be extended yet again. But in the meantime, more employers are offering to help.
About 8% of employers offered student loan debt assistance in 2021 but 33% were considering adding it, according to the most recent data from Willis Towers Watson, a compensation consulting firm.”

Of course, different companies are considering different solutions and ways to help their employees keep up with student loan payments. This includes tuition reimbursement, loan refinancing options, loan consolidation, direct financial contributions, and financial counseling.

More employers are moving towards providing benefits that include helping their employees pay off their student loans. While this will make payments easier for borrowers to manage in the meantime, this isn’t a solution for the larger problem at hand. As we move towards total debt cancellation, it’s important to stay up to date on other forms of debt relief and assistance.

Read more about this topic and see the list of 30 companies offering student loan assistance, here.