Orion Introduces New Student Loan Repayment Benefit for Team Members
With the average student loan debt for recent college graduates climbing to nearly $30,0001, it’s taking both a financial and mental toll on today’s workforce.
Sarah, a 24-year old working in new client onboarding at Orion’s Omaha location, can relate. After graduating from the University of Nebraska-Lincoln in 2020 and then completing one semester of a master’s degree program at the University of Nebraska-Omaha, she accumulated substantial student loan debt that she estimates will take eight to 10 years to pay off.
“I’m a saver by nature, and a key reason I decided to pause my work on a master’s degree was because of my increasing student loan debt,” she said.
Through a new benefit introduced Jan. 1, 2022, Orion is helping its team members pay down their student loan debt faster through direct contributions toward their student loans so they can focus on their next financial goal. According to a recent survey, just 17% of employers offer student loan debt assistance.2 Sarah counts herself lucky to work for a company offering this as a benefit and signed up for the program the first day it was offered.
“When I first heard the news about Orion’s new benefit, I was filled with a mix of excitement and gratitude toward the company. Paying down my student loan debt is stressful and overwhelming, and this benefit will take some of the stress away,” Sarah noted. “Orion is helping advance my future. I’ve estimated that Orion’s assistance will help me pay off my loans three-and-a-half years faster. That means I can move forward with other key milestones in my life like looking for my first house.”
Two Easy Steps to Earn $1,200 a Year in Student Loan Repayment
- Team members sign up for the program and link their eligible student loans.
- Orion contributes $100 per month; the money is applied directly to the loan principal.
“As a financial technology company, our leading-edge tools help financial advisors guide their clients in ways that improve their wealth and wellbeing,” says Eric Clarke, CEO and founder of Orion. “Our new student loan repayment benefit is just one way we’re doing the same for our team members. We also offer our team free access to our comprehensive Orion Planning financial wellness tool to track spending, budget, manage debt and save for the future.”
2 Employee Benefit Research Institute’s 2021 Employer Financial Wellbeing Survey