RISLA: Attracting and Retaining Your Most Valuable Assets - Your Employees
Are you looking for a competitive advantage for recruitment and retention of top talent?
Adding financial wellness benefits above and beyond a competitive salary can give you a tangible advantage with job candidates as well as your current high performers.
Chamber President Laurie White recently spoke with Charles Kelley, Executive Director of the Rhode Island Student Loan Authority about a new student loan repayment benefit program for employers.
Employers are increasingly responding to workforce needs by offering student loan repayment as a benefit. This is one of the fastest growing benefits in the country. The number of companies providing this benefit has doubled over the past year. Many businesses will start by initially offering repayment assistance to recent hires, which helps with recruiting or to those below a certain compensation level.
"The national media covers well the $1.6 trillion in student loan debt, but here in Rhode Island the picture has actually been better. A great deal of this has to do with the high quality institutions in our state. So graduates are getting a very good education and are able to go on and be gainfully employed," said Kelley.
"The default rate, for example, in student loans in Rhode Island is less than across the country. In particular with RISLA's programs, the net default rate over the last 25 years or so is less than 2 percent," Kelley said.
RISLA would appreciate the opportunity to review with you how Employer Student Loan Repayment Assistance works, and how it can help your employees manage their student loan debt. RISLA will provide full administration of this benefit program, including counseling of employees on what education loans they should pay off first.
RISLA was established in 1981 with a mission of helping students and families with higher education. As a non-profit, RISLA has the freedom and obligation to do what is right for your employees. RISLA's continuum of higher ed services extends from free advice on saving for college, filing financial aid forms, refinancing loans at lower rates and now Employer Student Loan Repayment assistance.
To find out more about how RISLA's Employer Student Loan Repayment Assistance works, visit: risla.com or call 800-758-7562.
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