Troy, MI – July 10, 2019 —Edcor, a national provider of education benefits administration software, announces the availability of its new Freedom Student Loan Assistance Program, designed to help employers administer employee repayment programs for their employees’ student debt. Freedom was introduced in response to employers’ need to mitigate the impact of student debt in the workplace and offer a creative new benefit in a tight labor market. Freedom joins Edcor’s established list of employer-focused education benefit programs, which processed more than $238M in tuition payments and supported more than 1.7M employees in 2018.
There are a reported 44.2 million people with outstanding student loans across the U.S., adding up to a staggering 1.52 trillion dollars. The burden of this debt often finds its way into the workplace, where employees may need to work a second job, take more sick days, or in some cases, apply for medical leave due to physical or mental health concerns.
In a 2018 article, the weight of student debt is reflected in major life decisions, citing statistics that individuals with student debt are delaying home purchases, marriage, and starting a family, while also struggling to purchase a car, contribute to charity or concentrate on career goals. Adrienne Way, Owner and CEO of Edcor, said the Freedom Student Loan Assistance Program acknowledges and addresses the impact that education-related debt has in the workplace.
“In talking to our customers, we began to understand the depth of the impact education-related debt is having on people’s lives at work and on employee morale overall,” Way said. “Freedom offers an employer-funded online solution to provide employees with loan re-payment services as part of an employee benefit plan.”
Way added that student loan repayment assistance is a natural complement to the traditional tuition reimbursement programs offered by Edcor and can help foster a dynamic business culture that values higher education and creates an employer-of-choice reputation.
“There are not only increased retention and productivity outcomes for employers who offer a formal student debt repayment benefit; these programs can be a strong attraction tool for top talent and help inspire and retain the best employees,” Way said. “It’s good for staff and it’s good for business.”
Edcor, a certified woman-owned business, is the benchmark in education benefits administration. For more than 38 years, our customized service and software solutions have allowed clients to use education benefits programs, including tuition assistance and student loan assistance, for employee recruiting, retention and development. Additional information can be found at https://www.edcor.com/.