You can help your employees save thousands on their student loans, by using a repayment strategy commonly used with mortgages. In the mortgage program you make half your mortgage payment every two weeks rather than once per month.
Here’s an example of what that looks like with student loans. We’ll start using a $40,000 student loan balance with a 6.8% interest rate and a standard 10-year repayment term.
Your employee will spend $460 a month in loan repayments. Over 10-years they’ll also spend nearly $16,000 in interest payments.