The Growing Impact of Student Debt on Today's Workforce

A groundbreaking report from MissionSquare Research Institute, "Student Debt Impacts on Public and Private Sector Employees," has revealed a critical challenge facing employers today: student loan debt is significantly impacting both workforce retention and recruitment. The study shows that an overwhelming 93% of private sector and 89% of public sector employees consider their student loan debt problematic, making it one of the most pressing financial concerns in the modern workplace.

Understanding the Crisis

• Student debt has become the leading source of financial stress across all sectors.
• Over 44% of U.S. workers with student loans categorize their debt as a "major problem." 
• These challenges directly affect employee well-being and workplace productivity.

Your Solution to Student Debt Management

ICMA has partnered with Savi to offer a comprehensive financial wellness benefit that transforms how organizations support employees with student loan debt. This innovative platform provides:

For Employees

• Significant monthly payment savings through optimized repayment plans. 
• Expert guidance on student loan forgiveness programs. 
• Access to educational webinars and personalized support. 
• Real-time updates on new programs and policy changes.

For Employers

• Enhanced recruitment capabilities. 
• Improved employee retention.
• Strengthened benefits package. 
• Demonstrated commitment to employee financial wellness.

The Competitive Advantage

By offering Savi as part of your benefits package, you're not just helping employees manage debt, you're investing in your organization's future. This benefit:

• Sets your organization apart in a competitive hiring market.
• Positions your organization as an employer of choice.
• Demonstrates concrete support for employee financial wellness. 
• Creates a compelling retention tool tied directly to employment with your organization. 
• Offers measurable value through reduced monthly payments and loan forgiveness opportunities. 

Take Action Today

Are you ready to transform your organization's approach to employee benefits? If you're a local government leader or HR professional interested in offering Savi to your employees:

1. Complete our information request form.
2. A Savi representative will contact you with detailed next steps. 
3. Begin offering this valuable benefit to your employees.

Don’t Miss Out: Workshop on Your Final Student Loan Steps for 2024

ICMA members have access to Savi. With the year coming to a close, ensure your loan paperwork is in order for 2024. The Department of Education recommends submitting PSLF paperwork annually to stay up to date. Join our year-end webinar on Wednesday, November 20 at 4:00 p.m. ET to finalize your loan forgiveness and repayment plans, learn about policy updates, and get answers to your student loan questions. Even if you can’t attend, register to receive the recording and a quick start guide. Not an ICMA member? Complete this form to express interest in learning how to help your employees access student debt forgiveness and savings through Savi.