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Fringe Benefit Group
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Press Release New Study: 75% of Americans Say Employers Should Help Pay for College |
Issued by Gift of College May 28, 2020 |
Gift of College Reveals New Insights into College Savings and Student Loan Debt PLUS: 62% of Americans Who Face Student Loan Debt Feel Overwhelmed by It PHOENIX, May 27, 2020 – Gift of College, an innovative platform that facilitates crowdfunding for college, today announced the results of its 'Paying for College Survey.' The national survey covered an array of topics from student loan debt and saving and paying for college to the emotional toll of student loan debt and the impact of employers helping to save for college or pay down debt. An overwhelming majority (75%) say employers should help pay for college and/or pay down student loans and more than 53% of people think it would be helpful for their employer to provide payroll deduction for 529 plans. "Families are struggling and looking for savings solutions that don't saddle them with debt. Workplaces have stepped in to offer a range of benefits for employees, and it seems logical for them to provide programs that support employees trying to save and pay for college. 5/29 Day is an ideal time to shine light on the valuable role employers can play," said Wayne Weber, CEO and founder, Gift of College. "Student loan debt in the U.S. is topping nearly $1.6 trillion — and the time to put an end to this vicious cycle is now. The best way to end the borrowing is to prepare in advance by saving with 529 plans — but increased awareness is crucial, as our survey showed 64% of Americans are unfamiliar with 529 plans." Among the survey's additional findings:
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