---
title: "Attract and Retain Talent with Student Loan Assistance"
date: 2025-04-01
author: "siteadmn"
featured_image: "https://contempohcm.com/wp-content/uploads/2025/04/2025-0331-Contempo_Employers-student-loan-assistance.jpg"
categories:
  - name: "Business Sense"
    url: "/category/business-sense.md"
tags:
  - name: "benefits"
    url: "/tag/benefits.md"
  - name: "employee retention"
    url: "/tag/employee-retention.md"
  - name: "Secure 2.0"
    url: "/tag/secure-2-0.md"
---

# Attract and Retain Talent with Student Loan Assistance

In today’s competitive job market, employers need strong benefits to stand out. One compelling option is **student loan assistance**, which can help attract and retain employees.

A **2024 survey** by MissionSquare Research Institute found that **62% of private-sector employees** and **56% of public-sector employees** consider student loan debt when evaluating job offers. However, only **34% of private-sector workers** and **39% of public-sector workers** with student loans say they are likely to stay with their current employer.

These findings highlight the growing appeal of student loan repayment benefits, which have become easier to offer under SECURE 2.0.

## How SECURE 2.0 Supports Student Loan Payments

Under the **SECURE 2.0 Act**, employers offering 401(k), 403(b), 457(b) plans, or SIMPLE IRAs can now provide a matching contribution based on an employee’s qualified student loan payments. This allows employees to continue saving for retirement while paying off debt.

### Key Requirements:

- Loans must be in the employee’s name
- Payments must meet plan verification standards
- Employers can accept self-certification from employees
- Plans must be amended to include this benefit

The IRS issued guidance on implementation in August 2024 (Notice 2024-63), outlining plan administration and compliance requirements.

## Why It’s a Win-Win

- **For Employees:** Provides financial relief by eliminating the trade-off between loan repayment and retirement savings.
- **For Employers:** Strengthens the benefits package, making it easier to attract and retain talent.
- **For Businesses:** Employer contributions are tax deductible, reducing overall costs.

## Getting Started

If you are considering adding student loan repayment matching to your retirement plan, key steps include:

- Evaluating feasibility within your current benefits structure
- Conducting an employee survey to gauge interest
- Planning for implementation, which typically takes six to 12 months
- Developing a communication strategy to educate employees

## Tailoring Benefits for Workforce Retention

Offering **student loan repayment benefits** can differentiate your company in a competitive labor market. If this aligns with your business goals, we can help assess **costs, compliance, and implementation**—contact us to get started.

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