Employer Student Loan Repayment Assistance Program

NOW A TAX FREE BENEFIT THROUGH 2025! 

 

 

6 out of 10 with student loan debt would consider switching employers to receive help in paying off debt

2018 Talent Shortage Survey, Manpower Group

 

 


 

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Find out how your employees rank student loan assistance as a benefit! 

RISLA will provide customized survey with shareable link

Upon completion of survey, we will provide a detailed and anonymous profile of your employee's responses!

Request a complementary survey!

 


 

Making an Impact That Matters 

Student loan repayment assistance programs allow employers to help employees pay off their loans faster. These programs have the potential to make a big impact on workplace satisfaction and the financial outlook of employees that participate.

* Estimated calculations are based on the terms entered above using a 15-term payment. 'With Contributions' payment calculations also include the Employer Contributions value entered.


 

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Attracting and Retaining Your Most Valuable Assets - Your Employees

Are you looking for a competitive advantage for recruitment and retention of top talent?

Adding financial wellness benefits give you that "Stand Out" advantage with candidates you are seeking to employ

in addition to retaining your current high performers.

Frequently Asked Questions Request a Demo

 

 


"The burden of student loan debt has become salient and exhausting. It's crushing... there is a huge demand for student loan assistance."

-Julia Pollak, Labor Economist at ZipRecruiter

Why More Employers Are Helping Workers Pay Off Student Loans, CBS News


 

 

 

How Employer Student Loan Repayment Works

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Customize and Implement

Your company decides which employees are eligible to receive this benefit. For example, new hires, employees with less than 5 years of service, and employees below a certain pay grade are among a wide variety of potential options. Management then determines how much contribution (as a percentage per year, as a dollar amount per month, etc.) to allocate. RISLA works hand-in-hand with Human Resources management to set up the program.

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Sign Up Employees

RISLA will communicate with all enrolled employees to explain the program and assist them with the sign up process. RISLA will also objectively counsel them regarding their student debt to allow the employee to make intelligent decisions regarding which loan the employer can help pay off faster.

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RISLA Does The Heavy Lifting

Each month, RISLA will manage the employer's contribution for payment application to the various servicers. Once payments have been applied, we will then send confirmation emails to employees notifying them the employer contribution payment has been  made. RISLA will also provide online reporting for employers and employees to view payment transactions, histories, and summaries.

Request a Demo

 


Several companies say their programs have proven to be an effective recruitment and retention tool, particularly in this tight labor market.

Why more employers are helping workers pay off student loans, CBS News


 

 

 

People

We do the work - You get the credit! 

Student loan repayment assistance programs allow the employer to help their employees pay off their loans faster. Employer student loan repayment is one of the fastest growing benefits among those organizations trying to overcome the dilemma of workforce talent shortages. This program also has the potential to make a big impact on the workplace satisfaction and overall wellness of your valuable employees. The best part, we do all the work and you take the credit!

If you have more questions, please take a look at our FAQ!

 

What we do for Employers

What we do for Employees

Provide flexibility and customization to meet your recruiting and retention goals Provide employees with additional financial wellness tools and resources to help manage various aspects of debt, budgeting, and building credit to guide their financial stability and success for the future
Administer a customized communication plan to explain the benefits and program details to your employees Help relieve their financial stress and help them develop a smart strategy on how to apply this benefit to achieve the best results in reducing their student debt
Reduce your servicing workload by taking all employee calls and providing one-on-one assistance on how to get started and better manage their student loan debt Provide as-needed guidance, answering their questions and concerns when they call our highly rated and experienced customer service team
Manage, on your behalf, all monthly emails (with your branding & messaging) informing employees that your company has made another payment towards their loan Keeping them informed by providing monthly updates and a sense of accomplishment on the progress being made in reducing their student debt

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FINANCIAL WELLNESS

Employee financial wellness programs provided by employers can provide that both access and support.  According to a recent Forbes article “Financial issues are commonly cited as a leading cause of stress; in one, study 80% of surveyed employers reported that an employee’s personal financial issues affect job performance”.  RISLA can help you offer additional financial wellness programs to help manage and reduce financial stress among your employees.

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FINANCIAL LITERACY

Access to free online educational materials for any and all employees looking for helpful resources, tools, and tips for personal financial  success.

 

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529 Savings Plan

 

CollegeBound Saver is Rhode Island's 529 college savings plan. With flexible investment options and no minimum contribution, it's an easy and affordable way for Rhode Islanders to save for their future.

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REFINANCING

Refinancing can help by potentially lowering interest rates and/or lower borrower's monthly payments to save money

 

 

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Employer Student Loan Repayment - In The News

 

 

RISLA Executive Director Charlie Kelley speaks with GPCC President, Laurie White about the new Student Loan Repayment program and how RISLA can help employers and employees in managing and reducing their student loan debt

 

 

 

 

 

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RISLA -Since 1981

Financial wellness has been a part of our DNA since the beginning in 1981. Our evolution of services has grown exponentially throughout the years leading to product expansions beyond just student lending such as: parent loans, graduate loans, the College Planning Center, student loan refinancing, internships, scholarships, and now assisting employers with student loan repayment for their employees.

We are the experts in student lending and repayment with over 40 years of experience. Loan servicing is a complicated process and we know this inside and out and can navigate this process for you, saving you time and effort, when offering a repayment benefit to your employees. RISLA is a non-profit organization and was the first non-profit in the country to offer education loan refinancing . RISLA was also the first and only student loan provider outside of the federal government to offer Income- Based Repayment when a borrower has unexpected financial difficulties.