09/17/2020

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SoFi Blog

Tips and news—
for your financial moves.

What Exactly Is Student Loan Refinancing? Why HR Professionals Need to Know

As an HR professional, you’re likely aware that many of your millennial and Gen X employees struggle with student loan debt. The average 2016 graduate has student loan debt of $37,172. Nationally, that debt is now over $1.4 trillion, which is more than the total credit card debt of all Americans.

Last summer, we surveyed 1,000 working professionals for The Impact of Student Loan Benefits, SoFi’s most recent white paper outlining the effect of student loan debt on employee recruitment, engagement, and retention. And what we found was telling: Employees want help alleviating the financial pressure of their student loan debt balances. In fact, just over 60% of respondents said that student debt is one of the top two most stressful financial burdens in their lives.

Luckily, student loan refinancing exists, and many millennial and Gen X employees are taking advantage of it. But what is it, and how does it help?

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Student loan benefits for employee wellness

Workplace Stress Busters: How Employee Wellness Programs Are Supposed to Work

For SoFi’s millennial members, Twenty One Pilots’ hit “Stressed Out” is more than a good song—it’s an anthem. And this lyric says it all: “Out of student loans and treehouse homes, we all would take the latter.”

How could it not? Roughly 70% of 2016 college graduates borrowed to get their degrees, leaving them with a whopping $37,172 in student loan debt, up from about $35,000 in 2015.

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Work/Life Balance: Ditch the Foosball Table and Provide More Meaningful Benefits

Did you check your work email while still in bed this morning? If so, you’re living proof of just how much the line between your job and personal life has blurred over the years.

But as an HR professional, you already know that. Employees are working more—they’re logging in from home, spending more hours in the office (those near the top of the ladder clock-in the most), and even skimping on hard-earned vacation days.

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