Speak Up: How To Ask An Employer For Help With Student Loans

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Apr. 3 2024, Published 8:00 a.m. ET

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Are you ready to turn your student loan repayment idea into a win-win scenario for you and your employer? Let’s spice things up and make your proposal persuasive and downright strategic. From highlighting how it can boost company morale to dropping names of other innovative companies already on board, this article is your guide to presenting your student loan repayment idea in an effective way. Keep scrolling for a round-up of ideas on how to ask an employer for help with student loans.

Highlight The Benefits (For Both Parties)

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Given that student loan repayment plans can benefit organizations and their employees, it’s crucial to articulate why it’s advantageous for your employer. Here’s how:

Highlight talent retention: Emphasize how offering student loan repayment assistance can aid in attracting and retaining top talent, as it’s a valuable perk for employees.

Long-term investment: Try positioning student loan assistance as a long-term investment in the company and employees’ future success, aligning with strategic goals and objectives.

Competitive advantage: Showcase how providing this benefit can give the company a competitive edge in attracting candidates in industries where talent retention is a challenge. Further, Regina Moravek, an HR consultant with workplace health company Bravely, told The Muse that it also fairs well in the court of public opinion.

“It’s such a great PR opportunity for an employer,” Moravek told the outlet. “It puts them on all kinds of ‘Great Employer to Work For’ lists, and it can be a very sexy thing to offer to their employees.”

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Enlist The Support Of Your Colleagues

As the age-old saying goes, “There is power in unity, and there is power in numbers.” With that said, what better time to rally fellow employees if not for cost savings?

Employee testimonials: Gather testimonials from colleagues who have benefited from student loan repayment assistance or expressed interest in such a program. After all, there is power in numbers. This move will also add a personal touch to your presentation.

Erika Kullberg, a former corporate attorney who runs a YouTube channel teaching finances to millennials, spoke to SHRM about the personal impact of such programs on her life.

“I graduated from law school with over $200,000 in student loans, and I’m not alone,” she told the outlet. “If my law firm had a student loan repayment assistance program, that would be an easy way to differentiate the law firm from other law firms and attract top students. A student loan repayment assistance program would really help to instill loyalty—it would also show employees that the company actually understands their pain points.”

Feedback mechanism: Establish a feedback mechanism or survey process to evaluate the effectiveness of the student loan repayment program and make adjustments as needed to ensure its success.

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Emphasize The Big Picture

When multiple parties are involved, it’s crucial to emphasize the mutual benefits. Here’s how each side can walk away a winner.

Tax benefits: Highlight any potential tax incentives or deductions associated with offering student loan repayment assistance, demonstrating financial advantages for the company.

Long-term investment: Again, position student loan assistance as a long-term investment that plays a role in the success of all parties, aligning with strategic goals and objectives.

Partnership opportunities: Research external organizations or companies that offer student loan repayment assistance programs. In addition, consider exploring potential partnerships or collaborations to implement a similar initiative.

Now that you’re armed with an arsenal of tools on how to ask an employer for help with student loans, take it a step further by offering to lend a hand with the heavy lifting. Utilize your newfound insights to craft a compelling proposal detailing the structure of the student loan repayment program. This step should encompass eligibility criteria, contribution amounts, and administrative logistics, ensuring a well-rounded plan is ready for rollout.

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By: Truth Hawkins

Truth Hawkins, a seasoned wordsmith with over a decade of experience spanning entertainment, culture, and lifestyle news, navigates the dynamic landscapes of pop culture, lifestyle, and music. More than a reporter, Truth is a dedicated storyteller, unearthing narratives that deeply resonate with readers and invites them to engage in meaningful conversations.

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