Vacay or Student Debt PayDay: A New Approach to Paying Off Student Loans

Niko Lalos on 09 February 2019

Vacay or Student Debt PayDay: A New Approach to Paying Off Student Loans cover

Everyone can agree that our nation’s student debt crisis is becoming an issue that can only be ignored for so long. However, many companies are doing their part to help employees get through the immense burden of carrying student loans by offering flexible student loan benefits. But, for so many other companies, student loan benefits seem like a pricey solution that just isn’t viable. 

Revamping a company’s entire benefits package can be tedious but it doesn’t have to be when a quick alternative is available. Companies are finding that it is more efficient to reallocate funds away from unused benefits and put them towards programs that nurture employee financial wellness and stability, particularly student loan benefits. With employees everywhere being crushed by their student loan debt, employers are starting to lend a helping hand by allowing employees to use the money that would otherwise go towards unused paid vacation days to go towards employees’ student loans instead. According to Project Time Off, over $62 billion worth of benefits payouts in 2018 were lost because they went unused. 

Although paid vacation sounds like a great perk, it really only pertains to certain people. Someone who isn’t knee deep in work, has a family, and wants to take them somewhere warm and fun that fits the rest of the family’s busy schedule. That’s a lot of hats to being at once and that is why more than half of the American workforce doesn’t utilize their paid vacation days, according to Project Time Off. On average, Americans get more than 17 paid vacation days - the average payout that 17 days worth of work depends on one’s salary, obviously. Nonetheless, millions of Americans would definitely enjoy the fringe benefit of being flexible and being able to take some, if not all, of that paid vacation time and allocate it towards cutting down a decent chunk of their student debt. 

Do flexible fringe benefits sound like an HR nightmare? Learn more how Goodly’s platform seamlessly integrates with companies to allow no hassle at