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
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.
How Employer Student Loan Repayment Works
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.
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.
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.
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|
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.
Access to free online educational materials for any and all employees looking for helpful resources, tools, and tips for personal financial success.
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.
Refinancing can help by potentially lowering interest rates and/or lower borrower's monthly payments to save money
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.