Highway Benefits is an employee benefits platform that increases retention and attraction of top talent through modernized benefits. Highway's first product, a student loan matching platform, allows employers to design a custom plan which gives them the ability to contribute to their employees' student loans.
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Manhattan Beach, California 90266, US
Check out this post from our CEO, Michael MacLaverty, on how to reduce financial stress in the workplace!
Shared my thoughts with Training Magazine on how companies can make an impact on their employees’ financial stress. If you’re a business owner or a people manager, hopefully it brings to attention a few steps you can take to prevent financial stress in the workplace!
Highway Benefits reposted this
Where are the workers? The list of occupations suffering critical shortages in the U.S. keeps getting longer: teachers, nurses, bus drivers, accountants, social workers, air-traffic controllers. “The number of humans available to work is starting to go down,” said HR consultant Josh Bersin in a recent From Day One webinar. “Over the last four years or so, from the pandemic on, we talked to so many companies and heard the same thing over and over again: We don’t have enough people, we don’t have enough skills. We don’t know where to source them.” Yet there are solutions inherent in the problem. Read more in From Day One's December newsletter. Featuring #FD1Sponsor spotlights on Stork Club · Family-Building Benefits, Highway Benefits, @Accolade, Inc., and Maven Clinic. #FD1Conference #FD1Newsletter #FD1Editorial https://lnkd.in/eYJhFSUj
Only 60% of borrowers were able to resume student loan payments in October. Read our CEO's thoughts and the full article here: https://lnkd.in/d2Z-JGEM
The New York Times just reported that only 60% of the 22 million student loan borrowers resumed payments in October after the pandemic freeze was lifted. The student loan payment freeze was extended 9 times since its original order in March 2020. Nearly 9 million borrowers have not made payments primarily due to financial hardship and in some cases confusion. The Times spoke to one borrower who said, “It’s not an option for me to even consider adding an extra $600 or $700 a month to my expenses, [...] It’s not ‘that would be difficult’ — it’s just not a possibility.” Although payments have resumed, borrowers who do not make payments will be protected until at least September 2024 with the new “on-ramp to repayment” policy. This policy prevents things like delinquency reports to credit bureaus and tax refund collections. Millions of borrowers are clearly struggling to make payments. The “on-ramp to repayment” policy is just another temporary band aid solution. At Highway Benefits we believe employers can help ease the financial burden by offering Student Loan Repayment (SLR) as an employee benefit. The IRS allows employers to contribute up to $5,250 per year towards repayment of an employee’s student loan, completely tax-free. If you want your employer to offer SLR as a benefit in 2024, drop your email in the comments!
Highway Benefits reposted this
👨🎓 Nearly 44 million out of 161.5 million working Americans will begin paying back their student loans this month. And it's going to affect the workplace. How can #HR help support employees who have student loans? 🤔 - Provide education and counseling on repayment options and loan management - Encourage overall financial health by providing resources for financial literacy - Consider offering student loan repayment benefits to contribute toward employees’ repayment. Read the full story with insights from Michael MacLaverty, Highway Benefits at the link below. #studentloans #hrstrategy #studentloanbenefits