Businesses Offering Student Loan Help to Gain Recruitment Edge

Businesses are increasingly hoping to get a leg up in the recruitment of new graduates by offering a relatively rare benefit: paying off student loans.

According to a report by Bloomberg on Wednesday (Aug. 30), listing for full-time jobs offering student loan repayment has doubled since 2019, based on data from the job site Handshake. While a growing benefit, it is listed in just 3% of postings.

As the student loan pause comes to an end in October, college seniors are becoming increasingly concerned about the impact of their debt on their career choices and financial stability. According to a recent report by Handshake, nearly 70% of college graduates with student loan debt believe that their debt will influence the jobs they consider after graduation.

For millennials and Gen Z consumers with student debt already out in the workforce, the prospect of another bill on top of the rising cost of living and other expenses will add more financial stress. PYMNTS explores the issue in its 12th edition of the “Consumer Inflation Sentiment Report” series; the most recent edition focuses on restarting student loan repayments.

The survey conducted by Handshake reveals that a significant portion of college seniors expect to carry student loan debt, and a majority of them anticipate that their debt will influence their career decisions, Bloomberg said.

According to Christine Cruzvergara, Handshake’s chief education strategy officer, “Student loans impact individuals’ ability to settle down, buy a home, and kickstart their lives.” The availability of student loan assistance can make a significant difference in the career choices and overall financial well-being of graduates.

Per the report, jobs that included student loan help can be found in healthcare, nonprofit, government, law and the political sectors.

“Because if you’re not going to be able to necessarily appeal to the fun, energetic, sexy sort of vibe of your industry, you might as well appeal to the practicalness of what it is,” Cruzvergara told Bloomberg. “I think we’re going to start to see it come into play in more industries.”