BREAKING: Biden Announces Student Loan Relief Plan UPDATED AUGUST 24, 2022   Student Loan Forgiveness The administration announced $10,000 of student loan forgiveness for individuals who did not receive Pell Grants and $20,000 for users who did receive Pell Grants. This applies to users who have federal loans and make under $125,000 per year. Forbearance Extension The student loan forbearance has been extended through December 31st, 2022. Payments and interest will resume in January. Payment Based on Income The government has created a new income driven repayment program that caps a mo ..read more

Is Public Service Loan Forgiveness not living up to its hype? When the Public Service Loan Forgiveness (PSLF) program was first introduced in 2007, at first glance it seemed like a pretty sweet deal. Student loan debt holders who worked at either a federal, state or local agency or 501(c)(3) nonprofit for at least 10 years, while making 120 qualifying payments on their student loans during that time, would have the remainder of their debt balance forgiven. You’d have millions of Americans incentivized to enter into public service, while – eventually – freeing them from the financial burdens of ..read more

Vault – frequently asked questions Student Loan Genius to Vault – a few frequently asked questions. Employees Where do I go to log in to my account? You’ll log in to your account at app.vault.co as usual with your existing login credentials. Do I need to recreate my account? No, your existing account will work. You’ll log in with your existing login credentials at app.vault.co. Do I need to re-enter my student loan information? No, all of your previously imported student loan information will remain on file. Will this affect contributions from my company? If you have access to Vault Pay and yo ..read more

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What HR Can Do to Keep Millennial Employees from Heading for the Exits in 2019 For the past two years, we’ve heard endless metrics describing a great job market. Unemployment is down. Job creation has been consistently strong. The labor market is the tightest it’s been in a decade. And yet despite all that, there’s still a good chance that a significant number of employees at your company will think about leaving their positions this year. While a good economy might be good for business, it can be less than great for employee tenure. Last December, nearly 3.5 million workers in the U.S. quit t ..read more

If retaining your best employees is an area that needs improvement, incremental vesting could be a solution. It’s easy to implement, but also works concurrently with the “carrot and stick” motivation principle. People love positive motivation – we’re biologically wired for it. We’re motivated by interesting work and growing responsibility, but also need personal growth – it’s crucial for survival in the marketplace. Motivated employees work longer and harder to ensure that not only are their personal goals met, but they routinely go above and beyond. One of the most effective ways to motivate ..read more

Student Loans Force Employees to Leave Billions in 401(k) Dollars on the Table For decades, 401(k) plans have been a staple of workplace benefits programs. Employees are given an outlet to contribute a percentage of their salaries into their retirement nest egg, and to sweeten the deal – and help retain those employees for the long haul – employers will chip in some of their own money into those plans, often matching the employee’s contribution. Some of the most recent data shows that employers really want their employees to enroll in their 401(k) programs. In 2016, 71 percent of employers sai ..read more

How the Student Debt Crisis is Stifling the American Dream Paying for college today means needing to take out an extreme amount of student loans, and the impact from the student loan debt crisis is not being felt equally. Ever since the 1950s, the concept of the American Dream has been grounded in a few basic, but pretty universally understood ideas: get a well-paying job, buy a home and a car, start a family. If you go to school and work hard, the rest of these milestones will fall into place for you. Maybe in 1958 that was already an overly rosy idea. In 2018, it’s practically laughable. Tod ..read more

The Essential Guide to Student Loan Forgiveness and the 2020 Election Student Loan Debt is $1.6 trillion and growing.  American families saddled with high-interest debt are unable to afford homes, unexpected healthcare costs, or retirement savings. The economy is shrinking, and one thing is clear: Erasing unforgiving student loan debt is one way to invigorate the economy and uplift the millions of citizens who are struggling to make ends meet. That’s why the 2020 election is full of student loan forgiveness plans. No matter which strategy you are looking at, here are two primary questions ..read more

How Student Loan Repayment Can Transform HR HR has a reputation that, unfairly, casts a shadow over all the good it does. One of the factors driving that rep is this long-held view of HR being a cost center: that it takes up more money and resources than it actually gives back to the company. And because of that, HR has often struggled to highlight the value it brings to the company. After all, at the end of the day, HR is all about investing in people: recruiting, interviewing, training and educating and providing benefits that help with retaining the best employees. Good employees drive good ..read more