More employers paying off student loans?

Published: Oct. 30, 2019, 11:21 a.m.

b"Americans collectively owe nearly $1.5 trillion in student loans \\u2014 more than twice the total a decade ago. But now a small but growing number of employers are stepping in to help. About 8% of employers are offering student loan repayment assistance this year, according to the Society for Human Resource Management. That\\u2019s up from 4% in 2018 and 3% in 2015. Companies like Estee Lauder, Hulu and Fidelity Investments provide a form of loan repayment programs. Employers format repayment assistance in a variety of ways. Some offer a match of employee payments while others offer a flat contribution amount, both up to a threshold. Several companies say their programs have proven an effective recruitment and retention tool, particularly in this tight labor market. ABC's Cheri Preston joins Tony with a look."