--- title: "Student Loan Debt: Boosting Financial Wellness with Employer Matching | SPARK Blog | ADP" description: "With student loan payments returning, organizations may consider offering a benefits option that helps employees pay off their student loan debt." --- [People](/spark/people) # Student Loan Debt: Boosting Financial Wellness with Employer Matching Part of a series|[SECURE-20-Act-Insights](/spark/series/s/secure-20-act-insights) [![Ronald Ulrich](/-/media/adp/blog/contributors/r/o/ronald-ulrich_874667.jpg?h=300&iar=0&w=300&rev=e663ed4d66a042abb872282ff81da45f&hash=D5422D69ABDD48DB9E21044E17070A5A)Ronald Ulrich](/spark/contributors?name=ronald+ulrich&id=869cf70d-459c-41d1-a83e-7ef706840ffb) - [Share Spark Article on LinkedIn](https://www.linkedin.com/shareArticle?mini=true&url=https://www.adp.com/spark/articles/2024/02/student-loan-debt-boosting-financial-wellness-with-employer-matching&title=Student%20Loan%20Debt%3A%20Boosting%20Financial%20Wellness%20with%20Employer%20Matching&summary=%3Cp%3E%3Cem%3EFinancial%20wellness%20matters%20to%20today's%20employees.%20With%20student%20loan%20payments%20returning%20after%20a%20long%20hiatus%2C%20organizations%20may%20consider%20offering%20a%20benefits%20option%20that%20helps%20employees%20pay%20off%20their%20student%20loan%20debt.%20%3C%2Fem%3E%3C%2Fp%3E&source=in1.com) - [Share Spark Article on Facebook](http://www.facebook.com/share.php?u=https://www.adp.com/spark/articles/2024/02/student-loan-debt-boosting-financial-wellness-with-employer-matching) - [Share Spark Article on Twitter](https://twitter.com/intent/tweet?url=https://www.adp.com/spark/articles/2024/02/student-loan-debt-boosting-financial-wellness-with-employer-matching&text=Student%20Loan%20Debt%3A%20Boosting%20Financial%20Wellness%20with%20Employer%20Matching) - [Share Spark Article via Email](mailto:?subject=Student%20Loan%20Debt%3A%20Boosting%20Financial%20Wellness%20with%20Employer%20Matching&body=https://www.adp.com/spark/articles/2024/02/student-loan-debt-boosting-financial-wellness-with-employer-matching) - Print Spark Article ![Black couple celebrating financial success at laptop](/-/media/adp/blog/articles/featuredimages/8/9/895437_student-loan-debt-boosting-financial-wellness-with-employer-matching.jpg?h=458&iar=0&w=815&rev=fd0b7f4ba47746e8a775d95ef503de49&hash=C281EC3EF7B8EB26F8791D0A544822DB) _Financial wellness matters to today's employees. With student loan payments returning after a long hiatus, organizations may consider offering a benefits option that helps employees pay off their student loan debt._ For most borrowers, student loan payments have been on hold since March 2020. But after a 43-month hiatus, student loan payments are back — and employers may soon be able to assist their educated workers. Student loan debt in the U.S. totals a whopping [**$1.7 trillion**](https://educationdata.org/student-loan-debt-statistics) for more than 45 million Americans. This debt is making it difficult for hard-working borrowers to make ends meet. Younger workers especially struggle to choose between repaying student loans or saving for retirement, while delaying major life events like purchasing a home, getting married or starting a family. But there is some good news for your employees. The SECURE 2.0 Act's Student Loan Match [provision](https://www.adp.com/spark/articles/2023/01/secure-20-act-of-2022-what-it-means-for-your-business.aspx) allows employers to assist with student debt repayment by making matching contributions to retirement plans based on employees' qualified student loan payments. Adding an employer matching student loan program to your existing retirement plan or creating a new plan with this benefit will provide your employees with the ability to pay down student loan while still building a nest egg for retirement. This will help you attract and retain valuable employee and provide them with more peace of mind. ## **Crunching the numbers** According to Federal Reserve Bank of New York [researchers](https://libertystreeteconomics.newyorkfed.org/2023/10/borrower-expectations-for-the-return-of-student-loan-repayment/), the pause on student loan repayments afforded millions of borrowers more than $260 billion in waived payments. With the newly added stress of paying back Uncle Sam, employees' personal financial situations are affecting their job performance, their engagement and their ability to save for a comfortable retirement. A worker's outstanding debt also influences whether they'll stay with their current employer or search for a new job. A [recent study](https://www.adpri.org/today-at-work/q4-2023/) by the ADP Research Institute reports that about half of workers are in the process of leaving their workplace. Among workers with student loan debt, that number increases to nearly 60%. These employees are looking to you to help them make financial decisions with confidence. ## **Helping borrowers save for retirement** Retaining loyal, productive workers is more important than ever. Comprehensive benefits, including a retirement plan with a student loan matching option, can help foster a happier, more engaged and retirement-ready workforce. ### **Let's talk about student loans** Navigating the various student loan programs can be frustrating and challenging. Learn how a student loan matching program can be a valuable addition to any benefits package, helping employees pay down student debt, strengthening engagement, boosting retention and fostering a workplace that truly supports employee financial wellness. ADP Retirement Services is launching a student loan payback option soon. To learn more about student loan benefits, connect with an ADP retirement specialist by calling 1-800-432-401K or reaching us at [adp.com/401k](https://www.adp.com/what-we-offer/benefits/retirement/adp-401k-essential.aspx?utm_source=spark&utm_medium=blog&utm_campaign=student_loans). ADP, Inc., and its affiliates do not offer investment, tax, or legal advice to individuals. Nothing contained in this article is intended to be, nor should be construed as, particularized advice or a recommendation or suggestion that you take or not take a particular action. Questions about how laws, regulations, guidance, your plan's provisions, or services available to participants may apply to you should be directed to your plan administrator or legal, tax or financial advisor. M-496492-2024-02-08 Tags - [Retirement](/spark/tags?tag=retirement&id=ef313365-670c-48d6-832b-311d9cfabd29) - [Small Business Payroll](/spark/tags?tag=small+business+payroll&id=84b0e36b-f019-4e9d-9ba3-9b58b053f2a4) - [Compensation and Benefits](/spark/tags?tag=compensation+and+benefits&id=c26afad7-5572-4944-87b1-95a520f162e6) - [Small Business](/spark/tags?tag=small+business&id=ee8af402-30fe-4e17-a237-de495c06060f) - [HR](/spark/tags?tag=hr&id=9a271fd0-5b38-4880-81fb-8749b1059f9a) - [Articles](/spark/tags?tag=articles&id=703b772a-0d50-44b6-9a71-8b2d3c6d745e) - [People Management and Growth](/spark/tags?tag=people+management+and+growth&id=ed95121e-cbbf-4632-b04e-c97dfd00a377) - [Midsize Business](/spark/tags?tag=midsize+business&id=ed5f006b-9890-489d-af6b-c51fa913d56a) - [Business Owner](/spark/tags?tag=business+owner&id=b157d401-6b35-4667-9737-d8dda961638a) - [Large Business](/spark/tags?tag=large+business&id=da8875ac-7465-4bcf-806e-5dd75b0f0281) - [Benefits Administration](/spark/tags?tag=benefits+administration&id=5ca29f5d-6c0b-463c-aa7e-09d00b1dedf5) - [Voluntary Benefits](/spark/tags?tag=voluntary+benefits&id=4949debb-a3dc-439f-a61e-15f102155512) Subscribe to SPARK updates Stay in the know on the latest workforce trends and insights. Subscribe Now ## Up Next In This Series [More Info](/spark/series/s/secure-20-act-insights) Previous slide [Legislation](https://www.adp.com/spark/legislation) [SECURE 2.0 Update: Treasury and IRS Issue New Guidance on Saver's Match Program](https://www.adp.com/spark/articles/2026/08/secure-20-update-treasury-and-irs-issue-new-guidance-on-savers-match-program) [Risk](https://www.adp.com/spark/risk) [New Catch-up Contribution Rules: What Retirement Plan Sponsors Need to Know](https://www.adp.com/spark/articles/2025/10/new-catch-up-contribution-rules-what-retirement-plan-sponsors-need-to-know) [Legislation](https://www.adp.com/spark/legislation) [IRS Issues Final Regulations on SECURE 2.0 Catch-Up Provisions](https://www.adp.com/spark/articles/2025/10/irs-issues-final-regulations-on-secure-20-catch-up-provisions) [Trends](https://www.adp.com/spark/trends) [The Advantages of Retirement Plan Automation](https://www.adp.com/spark/articles/2025/07/the-advantages-of-retirement-plan-automation) [People](https://www.adp.com/spark/people) [Built for Small Business: Breaking Down Starter 401(k) Plans](https://www.adp.com/spark/articles/2025/01/built-for-small-business-breaking-down-starter-401k-plans) [People](https://www.adp.com/spark/people) [RMD Regulations: Rewriting the Retirement Planning Playbook](https://www.adp.com/spark/articles/2024/12/rmd-regulations-rewriting-the-retirement-planning-playbook) [People](https://www.adp.com/spark/people) [SECURE 2.0 vs. State Mandated Retirement Plans: A Quick Guide for Employers](https://www.adp.com/spark/articles/2024/07/secure-20-vs-state-mandated-retirement-plans-a-quick-guide-for-employers) [Risk](https://www.adp.com/spark/risk) [SECURE 2.0: Zooming in on Retirement Plan Catch-up Contributions](https://www.adp.com/spark/articles/2024/06/secure-20-zooming-in-on-retirement-plan-catchup-contribution) [People](https://www.adp.com/spark/people) [Pay Off Student Loans or Save for Retirement? Help Employees Do Both](https://www.adp.com/spark/articles/2024/06/pay-off-student-loans-or-save-for-retirement-help-employees-do-both) [Trends](https://www.adp.com/spark/trends) [Key Details on New SECURE 2.0 Retirement Plan Guidance, Part 2](https://www.adp.com/spark/articles/2024/04/key-details-on-new-secure-20-retirement-plan-guidance-part-2) [Trends](https://www.adp.com/spark/trends) [Key Details on New SECURE 2.0 Retirement Plan Guidance, Part 1](https://www.adp.com/spark/articles/2024/04/key-details-on-new-secure-20-retirement-plan-guidance-part-1) [Risk](https://www.adp.com/spark/risk) [Your Questions Answered: SECURE 2.0 Act](https://www.adp.com/spark/articles/2023/11/your-questions-answered-secure-20-act) [Risk](https://www.adp.com/spark/risk) [Keeping Up With SECURE 2.0: The Benefits of Retirement Plan Integration](https://www.adp.com/spark/articles/2023/10/keeping-up-with-secure-20-the-benefits-of-retirement-plan-integration) [Legislation](https://www.adp.com/spark/legislation) [Treasury Delays SECURE 2.0 Mandatory Roth Catch-Up Contributions to 2026](https://www.adp.com/spark/articles/2023/08/treasury-delays-secure-20-mandatory-roth-catchup-contributions-to-2026) [Trends](https://www.adp.com/spark/trends) [Student Loans or Retirement Savings? Now Workers Won't Have to Choose](https://www.adp.com/spark/articles/2023/06/student-loans-or-retirement-savings-now-workers-wont-have-to-choose) [People](https://www.adp.com/spark/people) [A New Savings Incentive for Lower Income Workers is on the Way](https://www.adp.com/spark/articles/2023/06/a-new-savings-incentive-for-lower-income-workers-is-on-the-way) [Trends](https://www.adp.com/spark/trends) [Coming Soon: A New Way for Employees to Build an Emergency Savings](https://www.adp.com/spark/articles/2023/05/coming-soon-a-new-way-for-employees-to-build-an-emergency-savings) [People](https://www.adp.com/spark/people) [SECURE 2.0: A Closer Look at Auto Enrollment & Catch-up Contributions](https://www.adp.com/spark/articles/2023/05/secure-20-a-closer-look-at-auto-enrollment-catchup-contributions) [People](https://www.adp.com/spark/people) [Your Complete Guide to the SECURE 2.0 Act of 2022](https://www.adp.com/spark/articles/2023/04/your-complete-guide-to-the-secure-20-act-of-2022) [Trends](https://www.adp.com/spark/trends) [Setting the Record Straight: SECURE 2 Act FAQ](https://www.adp.com/spark/articles/2023/04/setting-the-record-straight-secure-2-act-faq) [Risk](https://www.adp.com/spark/risk) [SECURE 2.0: New Small Business Tax Incentives for Retirement Plans](https://www.adp.com/spark/articles/2023/03/secure-20-new-small-business-tax-incentives-for-retirement-plans) [Risk](https://www.adp.com/spark/risk) [New RMD Provisions: A Closer Look at What's Changing with SECURE 2.0](https://www.adp.com/spark/articles/2023/03/new-rmd-provisions-a-closer-look-at-whats-changing-with-secure-20) [People](https://www.adp.com/spark/people) [SECURE 2.0 Act and the Future of Retirement Plans: Guidance for Plan Sponsors](https://www.adp.com/spark/articles/2023/02/secure-20-act-and-the-future-of-retirement-plans-guidance-for-plan-sponsors) [People](https://www.adp.com/spark/people) [SECURE 2.0 Act of 2022: What it Means for Your Business](https://www.adp.com/spark/articles/2023/01/secure-20-act-of-2022-what-it-means-for-your-business) [Legislation](https://www.adp.com/spark/legislation) [What Is the SECURE Act 2.0? Everything You Need to Know](https://www.adp.com/spark/articles/2023/01/secure-20-act-of-2022-makes-sweeping-changes-to-retirement-savings-plans) [People](https://www.adp.com/spark/people) [Turning Student Loan Debt into Retirement Savings](https://www.adp.com/spark/articles/2022/11/turning-student-loan-debt-into-retirement-savings) [Trends](https://www.adp.com/spark/trends) [The Emergency Savings Act of 2022: Reducing Employees' Financial Stressors](https://www.adp.com/spark/articles/2022/10/the-emergency-savings-act-of-2022-reducing-employees-financial-stressors) [Trends](https://www.adp.com/spark/trends) [One More Incentive to Offer a Retirement Plan: 100% Start-Up Cost Credit](https://www.adp.com/spark/articles/2022/09/one-more-incentive-to-offer-a-retirement-plan-100-startup-cost-credit) [Trends](https://www.adp.com/spark/trends) [SECURE 2.0: What Employers Need to Know – Now](https://www.adp.com/spark/articles/2022/09/secure-act-20-what-employers-need-to-know-now) Next slide ## Recommended for You [Article Topic](#) [Article Title](#) [Article Topic](#) [Article Title](#) [Article Topic](#) [Article Title](#) ### Tools & Resources Take your organization to the next level with practical tools and resources that can help you work smarter. [Visit Resource Center](/resources) ### Recommend a Topic Is there a topic or business challenge you would like to see covered on SPARK? Submit a Topic