TROY, MI / ACCESSWIRE / May 9, 2019 / Edcor, a national leader in education benefits administration, is helping to tackle the issue of student debt by offering companies a meaningful advantage for their employees in the form of student loan assistance with "Freedom" Student Loan Assistance Programs.
Across the United States, there are 44.2 million people with outstanding student loans, 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.
When asked, 40% of employees said education-related debt prevents further education or training, 63% said it hinders their ability to make major purchases such as homes or automobiles, and 73% said it impedes or eliminates their ability to save for retirement.
"Education-related debt is a huge issue in this country," said Adrienne Way, Owner and CEO of Edcor. "And it impacts so many aspects of people's lives. At Edcor, we recognized that this was a significant factor in employee morale, and knew that offering employers a solution to help with loan re-payment would be hugely beneficial."
But this isn't the only benefit, says Adrienne, "The results actually go beyond increasing employee retention and productivity. Offering these types of programs has shown to attract top candidates as well. It's really a win-win for everybody - it's good for staff and it's good for business."
Edcor's Freedom programs offers student loan re-payment assistance to attract and retain the talent businesses need to fill the skills gap in the workforce. Working closely with businesses and their employees, Edcor meets the need through re-payment programs that are cost-efficient and rated among the best in the country. Loan re-payment assistance is a natural complement to traditional tuition reimbursement, and creates a dynamic business culture that values higher education. This creates an incentive that attracts, inspires, and retains the best employees.
For more information, visit edcor.com.
Edcor, a woman-owned business, is the benchmark in education benefits administration. For over 38 years our customized service and 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 obtained at www.edcor.com.
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