Student loan forgiveness is on the table again: How employers can prepare

'PLAN B': On Monday, Biden announced an alternative student loan forgiveness plan that would reduce or forgive debt for an estimated 25 million Americans. This is the latest effort in Biden's plan to forgive student loan debt , after persistent challenges from Republican lawmakers.?Borrowers who have been repaying their loans for 20 years or more, those who are eligible for other existing relief programs like Public Service Loan Forgiveness, and borrowers who attended underperforming for-profit colleges may also be eligible for relief.?

"Regardless of how this unfolds, employers can offer student loan repayment assistance as a popular employee benefit to enhance financial well-being, bolster DEI initiatives, attract and retain talent, and improve employee morale and productivity," says Will Sealy , co-founder and CEO of Summer .

Catch up on Biden's proposal: Student loan forgiveness take two: A look at Biden's 'Plan B'

POLITICS AND POLICY: As the November presidential election creeps closer to reality, President Joe Biden and former President Donald Trump are hitting the campaign trail. How will their plans and policies impact your workforce ? According to exclusive research by Arizent , the parent company of Employee Benefit News , 71% of survey respondents in a variety of professional services industries said they are very dissatisfied with the current political climate, while just 1% said they were very satisfied. When asked which political party would be most beneficial for their business, 40% said Republican, 33% said Democrat and 18% said there was no difference.?

Here's how politics is already playing a role in the workplace: How Biden and Trump's views on abortion and student loans will impact employers

FINANCIAL WELLNESS: Employees want to talk about their financial struggles at work — it's up to employers to set the right tone so employees feel supported and not ashamed.?Sixty percent of full-time employees are stressed about their finances , according to a recent survey conducted by 普华永道 , while 49% find it difficult to meet household expenses on time each month and 28% often or always run out of money between paychecks. Acknowledging those challenges is the first step in helping employees out of a financial bind. ?

"Traditionally, employees believed that their professional life didn't need to include their professional challenges — and that included their finances," says Petrina Thompson , head of HR and client services at Brightside . "Employers have the power to change the narrative."

Here's how to talk about money challenges like student loans with your employees: How to talk to your employees about money