Earning a college degree is a top priority for many Ohio residents. Quite a few are even willing to go deep into debt to attain the designation of college graduate. Often, they do so in the belief that having a degree will lead to a good job with great pay and benefits. Few consider the years it will take to pay off student loan debt. When it comes to eliminating your debts, the road can be long and arduous.
Fortunately, more and more companies are recognizing the burden that student loan debt places on young workers. In response, some employers are offering loan repayment programs that can assist in making monthly student debt payments. One example lies in PwC, a consulting firm that will pay workers an additional $100 toward student loans for a period of six years.
Other companies take a different approach, and offer to pay a lump sum toward student loan debt once an employee has completed a set number of months or years with the company. No matter which approach is taken, workers appreciate the assistance with student loan obligations. It is expected that more companies will follow suit in the years to come.
For many in Ohio, employer-paid student loan assistance is the stuff of dreams. For those who have also amassed considerable credit card debt while in college, it may be impossible to regain financial footing without some type of intervention. Personal bankruptcy is one option that can relieve financial pressure and help a college graduate focus on the future. While bankruptcy will not usually lead to the discharge of student loan debt, it can go a long way toward eliminating your debts in other areas, and give an individual the chance to move on toward future stability and success.
Source: detroitnews.com, “College debt relief could be next big workplace perk“, Jackie Crosby, Jan. 31, 2016