As 2019 is quickly getting underway, student loan benefits is rapidly trending toward the top of the list of hottest topics for discussion throughout human resource and benefits offices across America. The American workforce demographic is swiftly changing as the generational majority is starting to shift toward a more prominent millennial makeup. Companies are starting to hire more and more young college graduates as America's largest generation, Baby Boomers, is retiring. As you may know, 70% of college students finish school with large student loans and many are becoming alarmed as their grace period is coming to an abrupt halt. This anguish is bolstered in the fact that today's higher education costs are exponentially more expensive than any other time period and only seem to be going up. That being said, the dynamic and financial focus of young people entering the workforce is completely different from their retiring counterparts. Older generations could work jobs on the side to pay for school while being a full or part-time student to graduate virtually debt free in a reasonable amount of time. However, that financial strategy is almost completely obsolete and unfeasible with today's college expenses.
Today, when you ask the general workforce what kind of benefits they would prefer, the most prevalent answer is student loan benefits. In addition to the points stated above, more specific reasons for student loan benefits being the hottest topic for 2019 include 99.5% rejection rate by public service loan forgiveness programs along with notions from President Trump and other government officials urging to move away from public service programs and focus more on income based programs (Forbes ). It is evident that government aid does not have a good success rate when it comes to solving America's student debt problem and much of the burden is falling on the people, another reason prompting student loan benefits to be the hottest topic for 2019.