About this episode

Mike Coffey discusses with Damon Thompson the impact of student loan debt on employees and how employers can help alleviate this burden through various programs and benefits.

In episode 248, Coffey talks with Damon Thompson about how student loan debt impacts employees and how employers can help reduce that burden through benefits programs and federal subsidies. They discuss the history and evolution of federal student loan programs before and after the Affordable Care Act; rising college costs and lack of borrowing caps driving massive student debt growth; financial stress and productivity loss caused by high monthly loan payments; how income-driven repayment and federal subsidy programs reduce employee loan obligations; employer-sponsored student loan repayment benefits under Section 127 tax advantages; complexities and low success rates navigating Department of Education programs independently; public service loan forgiveness eligibility and long-term debt elimination strategies; how personal circumstances influence repayment calculations beyond income alone; the role of third-party services in optimizing loan subsidies and compliance; and the connection between student debt, employee retention, and delayed life milestones. For HR teams who discuss this podcast in their team meetings, we've created a discussion starter PDF to help guide your…

People in this episode

Host: Mike Coffey

Guest: Damon Thompson

Topics covered

• student loan debt
• employee benefits
• federal subsidies
• financial stress
• employee retention
• public service loan forgiveness

Keywords

• student debt
• loan repayment
• employee benefits
• federal programs
• financial stress
• retention strategies

Sponsors

Imperative

Mentioned in this episode

Organizations: Department of Education, Affordable Care Act, HRCI, SHRM

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