IonTuition, an education-fintech company specializing in helping borrowers monitor, manage, and repay their student loans, has announced standards for evaluating Student Loan Guidance & Contribution (SLGC) programs. Organizations considering launching an SLGC program can use these guidelines to ensure that they implement a program that meets industry best practices.
As student loan benefit packages proliferate, IonTuition has created an easy-to-understand guide for employers and other organizations to evaluate their potential programs. Areas of evaluation include:
- Functionality of any student loan management tools provided
- Employer participation in loan pay-down
- Customer service center for repayment counseling
- Financial literacy resources
- Data security requirements
- Intergenerational appeal
“Human resource managers already have in-depth standards when selecting benefits such as healthcare and 401k,” said Balaji “Raj” Rajan, CEO of IonTuition. “Student loan assistance plans are a new and highly sought after benefit without industry standards. We’ve compiled these guidelines to help employers get the most from their investment by establishing plans with real long-term value for employees and their families.”
Employers are looking for better ways to attract and retain a skilled, college-educated workforce. Offering student loan benefits, such as payment matching contributions, can save their employees years of repayment and thousands of dollars in interest. These considerations and more are explored in IonTuition’s 2017–2018 Standards for Student Loan Guidance & Contribution Programs.
Click here for the free standards report. IonTuition is an industry leader in student loan management solutions. We’re involved in the entire lifecycle of student loan repayment, from providing prospective college students predicted returns from potential universities, to helping employers provide repayment assistance benefits. For years, we’ve delivered interactive, user-friendly loan management tools to users of all kinds. Our mission has always been to help student loan borrowers at every stage, at any age.