How To Help Solve The Burden Of Student Debt [Infographic]
As most HR professionals know, having a steady stream of educated talent working for an organization is extremely valuable. It allows you to have the necessary skilled employees who are passionate about the work they do. However, the cost of earning a college education has landed many young people with burden. Student debt negatively affects their lives, causing stress and having many reconsider the value of a college education.
It’s time to rethink the current cycle of student debt. To give more insight into how the cost of college is impacting young adults and how we can alleviate that strain, Gradvisor, an employee benefit that helps parents enroll in and manage 529 college savings plans, created the following infographic. Instead of reacting to the problems caused by student debt, it explores how the problem can be avoided in the future with proactive planning. Some highlights from the infographic include:
- 1 in 10 graduates with student debt owes more than $50,000 in loans.
- 36% of millennial graduates wouldn’t have gone to college if they had known how much it really was going to cost.
- By saving $200 a month in a 529 plan, parents can save enough to pay the entire bill for a four-year public university.
- 66% of employees without a 529 plan would enroll in one if their employer offered it through automatic payroll deduction.
Check out the full infographic below to find out more about how 529 plans can help reduce future student debt and keep the talent pipeline from colleges flowing.
What are some other important considerations for HR pros about student debt? Share in the comments below!