Securian Financial, through a collaboration with BenefitEd, is making a suite of education benefits available to its workplace retirement plan customers.
The benefits include employer-assisted student loan repayment, college savings, student loan repayment support and tuition reimbursement, according to the announcement.
Along with the “Employee Choice” program allowing employees to choose if their employer-matched funds go toward paying off their student loans, funding their retirement plan or both, the benefits will be available to the firm’s customers at reduced pricing.
Citing data by the Institute for College Access and Success, Securian notes that more than 44 million Americans have student loan debt, with more than 65% of public and private non-profit college graduates leaving college in 2018 with an average financial burden of $29,200.
“With student loan debt being a significant financial pain point for countless Americans, we are excited to team up with BenefitEd to offer these important benefits to our customers,” says Brandon Bellin, Securian Financial director and actuary for retirement solutions.
