Business owner where you work. Does your student loan return?

The economy and the job market seem to be much different than they did in the Great Depression. To get rid of hundreds of candidates competing for an hourly position without any benefit, companies are competing to recruit talented people.

It is a welcome change for newcomers to the workforce with large amounts of student loans for repayment. If you start your career - or seek to advance in your career by searching for a new position - you want to maximize your pay. This gives you more possibilities to pay off your student debt, while still taking care of yourself and other finances. (As you know, the cost of rent, food, and the current increase).

But companies are gradually adjusting to the needs of modern-day employees, and you may want to start looking beyond salary levels and examine the benefits that a position offers. More and more businesses are helping employees pay off their student loans.
Here are the trends of this new benefit and how you can take advantage.
The corporation is leading the way in providing student loan assistance to its employees.

While most companies do not provide assistance to employees with student loans, some big names in business have recently offered assistance as a benefit. This may inspire 96% of companies not currently offering loan repayments to begin reviewing.

Large financial corporations, including Fidelity, PwC, CommonBond, and the Association of American Bankers, all offer benefits. Other companies like Staples are launching new programs to provide money to employees. Office supply chains will begin offering employees $ 100 a month to help with their debt burden.
If this kind of benefit helps these brands bring in better talent, we can see that other businesses follow. In fact, Staples has specifically stated that their program is designed to recruit new staff for their team.

Should you seek student loan assistance as a benefit?

If you receive assistance in repaying your students for high rank on your priority list, you can study the position with the companies that are willing to offer this to their employees. But you need to proceed with caution. Get additional cash assistance and student loan payments may be included at your own expense.

Right now, bonuses or allowances for student loan payers are not tax deductible. That means $ 100 a month you can get if you work at Staples being taxed along with the rest of your income. So you really end up with less cash on hand to take out your loans than advertise the benefits, and how much depends on your tax bracket.

So, should you seek this benefit? The answer is It depends very much on your current situation and your job prospects. A position that provides a better salary with an added bonus of an extra amount to spend on student loans can make a worthwhile conversion.

But it may not make much sense to leave a higher paying job without a student loan repayment for a lower paying job that offers a subsidy for the loan. friend. You will be able to end up with less money in your pocket, for the taxable benefit.

Hoping that many companies offer benefits, it is easier to find positions where both pay better and provide a more attractive benefits package for young workers who are able to borrow student loans to pay. But we have just seen the beginning of the current trend, so we may need to wait a little longer before the changes are made or how the money is taxed or the popularity of the interest. between businesses.

What can you do instead of relying on benefits

You can make a more immediate impact on the cash you have available to pay off your debt if you focus on earning more money on your current job. You can do this by working, earning money and negotiating a raise. You may also consider moving up in the company if a more responsible position comes with higher wages.

If you work hourly, you can increase the number of scheduled hours or volunteer overtime or on holidays to raise wages. And you can always look for the next hustle opportunities to earn extra money for your day job.

Do not forget to look for small ways to cut costs in your budget. Although you can only save a lot of small changes can increase. If you lose a total of $ 5 a day to bring your own lunch home than the $ 10 cost of buying lunch at work, you can save $ 100 a month.

Business owner where you work. Does your student loan return?

Other small switches like this can help you generate about $ 100 a month in additional cash flow. It is in your ability to come up with a bit more to put toward your student loans, which is good news. You do not need to wait for a company to give it as a benefit or incentive to help you work for them.

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