Viverae and FinFit Help Employers Provide Student Loan Benefits That Employees Want
According to the Federal Reserve, Americans owe approximately 1.5 trillion dollars in student loan debt, and that number is steadily rising. As national student loan debt continues to increase, so does the need for both financial wellness and student loan benefits. Yet, financial health is one of the most overlooked aspects of well-being. As a result, both employees and employers suffer. The more time employees spend worrying about their finances, the more likely they are to be absent from work and stressed out while on the job. They’re also more likely to experience health issues, which can raise an employer’s insurance costs and negatively affect their bottom line.
The good news is, student loan debt programs are beneficial to both employers and employees. Research shows that over 50 percent of U.S. workers would prefer student loan repayment benefits over extra paid time off. In addition, American Student Loan Assistance® found that 86 percent of millennial employees would stay with their current employer for at least five years if a student loan relief benefit was offered.
With FinFit’s partnership with StuLo, employers can now provide comprehensive student loan and financial wellness benefits to their employees. Clients’ members can consult with student loan specialists on repayment options and loan reviews.
FinFit’s VP of Product Management, Pete Ostberg, says, “We’re constantly evaluating our program to ensure that we remain the leading financial wellness solution. We are excited to expand our offering with Viverae by providing a student loan debt relief component through StuLo. Knowing that over 44 million Americans are saddled with student loan debt, we knew it was essential to provide our members with an impactful solution.”
Viverae’s president and chief executive officer, Mike Lamb, echoes similar sentiments saying, “At Viverae, we value all aspects of well-being—including financial health. This is why we were one of the first wellness companies in the country offering financial wellness to members. Working with FinFit has allowed us to provide comprehensive financial wellness solutions to our clients. We’re confident their new StuLo program will help our clients’ members better manage and find freedom from student loan debt.”
The program is now available to all Viverae clients and their members.
Viverae is a workplace wellness company based in Dallas, Texas. Rooted in care and focused on reducing health risks, our innovative application empowers employers to create cultures of health and well-being. We bring clarity. We inspire. We support. Learn more: www.viverae.com.
Viverae’s workplace wellness programs are compliant with Affordable Care Act requirements and applicable law, and National Committee for Quality Assurance and national health advocacy group standards.