Employers Must Address Student Loan Debt Crisis: Expert Insights

Business leaders can help their employees with student loan debt by offering better benefits. The student loan debt crisis is real and employers are recognizing the need for assistance. According to Stacey MacPhetres, senior director of education finance for EdAssist by Bright Horizons, employers are starting to see it as a necessary benefit.

In recent years, the student loan debt crisis has become an increasingly pressing issue for both individuals and businesses. According to Stacey MacPhetres, senior director of education finance for EdAssist by Bright Horizons, employers are recognizing the need to assist their employees with their student loan debt as a necessary benefit. This shift in corporate responsibility reflects a growing awareness of the impact of student loan debt on employee well-being and productivity.

The student loan debt crisis is real and has significant implications for both employees and employers. A study by the Federal Reserve Bank of St. Louis found that the average student loan debt for a college graduate in 2024 was approximately $37,000. This financial burden can lead to increased stress, delayed financial milestones, and decreased job satisfaction among employees.

Employers are beginning to see student loan assistance as a valuable benefit that can attract and retain top talent. According to MacPhetres, "It’s been an evolution and the recognition that student loans are here to stay, and, quite frankly, that the student loan debt crisis is real." By offering student loan repayment assistance, employers can demonstrate their commitment to their employees' financial well-being, fostering a more engaged and productive workforce.

Several employers have already implemented student loan repayment programs. For example, Bright Horizons offers a student loan repayment benefit plan through its EdAssist program. This program provides employees with the opportunity to pay down their student loans while receiving financial support from their employer.

Moreover, the Department of Education has been taking steps to address the student loan crisis. In July 2025, the department published new regulations designed to restrict student loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. These regulations aim to ensure that only borrowers employed by organizations engaged in lawful public service remain eligible for forgiveness. While these changes may have significant implications for federal student loan borrowers, they also highlight the government's commitment to addressing the broader student loan debt crisis [1].

In conclusion, business leaders are increasingly recognizing the importance of addressing the student loan debt crisis through better benefits. By offering student loan repayment assistance, employers can enhance employee satisfaction, productivity, and retention. As the student loan debt crisis continues to grow, more employers are expected to follow suit, making this a growing trend in corporate benefits.

References:
[1] https://www.forbes.com/sites/adamminsky/2025/08/15/department-of-education-publishes-new-rules-restricting-student-loan-forgiveness-for-pslf/