Stubenefits Helps Employers, Employees Erase Student Debt
As employers want to both attract and retain top talent in an increasingly competitive marketplace, helping employees reduce their student debt could be a key differentiator, Stubenefits founder and CEO Charounson Saintilus said.
Stubenefits helps employers offer student debt reduction plans as a benefit while also helping the individual reduce their debt, Mr. Saintilus explained. And it’s a lot of debt as an estimated 45 million Americans owe a collective $1.7 trillion. That produces stress and causes graduates to delay having children and making major purchases like cars and houses.
“Stubenefits sits at that intersection where we’re trying to meet the needs of both the consumer who has a lot of student debt and employers who have a need for talent and a growing need to create a workplace that’s more supportive and where financial wellness is valued and personal wellbeing is more on the forefront of the minds of HR leaders,” Mr. Saintilus said.
That includes retirement plans, which many companies offer as a benefit. While it is a welcome one, people sitting on tens of thousands of dollars in debt have a hard time planning for a retirement long in the future.
“That burden is significant,” Mr. Saintilus said. “The pressure you feel regularly looking at that, after five years feeling like you’ve gotten nowhere with it, is significant it; it weighs on people.”
Stubenefits is also in discussions with credit unions that can sponsor access to Stubenefits as a benefit for their members. While they will work with any company with at least 50 employees, they are specifically targeting the technology, health care, and professional services sectors, Mr. Saintilus said.
Offering employees a benefit they can use in the present is a powerful perk, Mr. Saintilus said.
“Workplace culture is key, but any added edge they can give to retain employees is crucial,” he concluded.