• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

To attract younger talent, help repay student loans

by on
in Hiring,Human Resources

If your organization is eager to lure younger talent, the average 2006 college graduate owes $20,000 in student loans. That's why a growing number of organizations are turning student debt into a powerful tool for recruiting and retaining recent grads. Examples:

  • Federal agencies can repay employees up to $10,000 in student loans each year—and $60,000 total. In return, employees must agree to stay with the agency for at least three years.
  • The Minnesota state government pays large portions of student loans for pharmacists who agree to take jobs in rural areas.
  • Wyoming repays up to $12,000 in student loans for graduates of University of Wyoming programs in special education, math or science who agree to work in the state for at least two years.
  • Kennedy Krieger Institute, a children's hospital in Baltimore, offers to repay student loans up to about $10,000.

Tips: Never offer that repayment in one lump sum; attach some strings. Encourage retention by offering to repay a portion of students' debt gradually over the time they remain with your company. Consider a provision that requires them to pay back any amounts if they quit within a year or two.  

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/1816/to-attract-younger-talent-help-repay-student-loans "

Leave a Comment