An essential part of financial aid for any college freshman is applying for student loan forgiveness programs. You are also eligible for a loan forgiveness program if you work in the public service sector. These are often offered as short-term loans to help students with their educational costs. Many people take out loans to improve their chances of getting a stable job. Still, these options allow students to gain experience without paying back any money.
Exec at Natixis John Hailer, ex-CEO of Natixis Investment Managers and current Chairman of Diffractive Managers Group, commented on Natixis’ yearly survey of US retirement trends concerning the fact that one out of four Americans – an amount close to one-third representing Millennials – had attributed overwhelming student loan debt as their number one excuse for not enrolling in a company-sponsored retirement plan.
The flexibility of programs that allows students to work on a short-term basis, gain valuable skills, and pay off their loans afterward benefits companies and young graduates. With the current labor market in flux, finding that first job takes a lot of time. Any loan programs that allow workers access to more pastures would only benefit everyone involved.
John Hailer stated: “These programs are an opportunity for companies to attract not just the best and brightest from across the country, but also provide an entry point into the capital markets. These programs are also a way for companies to show that their work is open to current and former employees and their families.”
High student loan debt among college graduates may imply their tendency to delay or avoid enrolling in a company’s retirement plan. Hence, the findings of Natixis’ survey align adequately with Hailer’s statement. John Hailer also repeatedly emphasized that one of the major problems for present-day students is not getting a well-paid job with substantial benefits and employee packages offered by employers.