Student Loan Repayment Options & Financial Wellness Programs

Student Loan Repayment Options & Financial Wellness Programs*

Does hearing the words student loans make your wallet flinch? If so, you’re not alone. Managing student loan debt is one of the most common financial challenges for employees and individuals alike. At Wellworks For You, we aim to help you navigate the ever-changing landscape of higher education funding.

Financial wellness is more than just numbers on a paycheck or a balance sheet—it’s about feeling secure and in control of your financial journey. That’s why Wellworks For You goes beyond supporting physical and mental health to also guide you through the maze of financial wellness. Whether you’re managing student loan repayments or an HR manager looking to enhance your team’s financial health, we have the tools and insights to help.

What are the Different Types of Student Loan Repayment Plans?

With educational costs rising dramatically in recent years, many rely on student loans to fund their aspirations. Understanding your repayment options is crucial to managing debt and minimizing financial stress. Student loans fall into two categories: federal and private. Federal loans, supported by the government, typically offer more flexible repayment terms and lower interest rates than private loans, which are issued by banks, credit unions, or other financial entities.When it comes to repaying federal student loans, borrowers have several options:

• Standard Repayment Plan: Fixed payments over a 10-year period, ideal for quickly reducing debt for those who can manage the monthly payments.

• Graduated Repayment Plan: Lower initial payments that increase every two years, designed for borrowers expecting income growth.

• Extended Repayment Plan: Spreads payments over 25 years, reducing monthly payments but increasing the overall interest paid.

• Income-Driven Repayment Plans (IDR): Plans like SAVE (Saving on a Valuable Education), REPAYE, PAYE, IBR, and ICR adjust payments based on income and family size, making them affordable for borrowers with limited earnings.

• Public Service Loan Forgiveness (PSLF): Forgives the remaining balance on direct loans after 120 qualifying payments for individuals working in government or nonprofit roles.

For private loans, repayment terms and options vary by lender. For detailed guidance, resources like the Federal Student Aid's loan simulator and consultations with loan services offer tailored advice. Staying informed and proactive about repayment strategies is key to effectively managing student loans and achieving financial stability.

What is a Financial Wellness Program?

Think of financial wellness programs as your personal financial coach. These programs provide education, tools, and resources to help you make smarter financial decisions and keep your finances in good shape. Just like physical fitness, financial fitness requires guidance, practice, and support.

Financial stress can impact mental health, work productivity, and overall well-being. By reducing financial strain, employees gain a greater sense of control and empowerment, leading to improved focus and happiness. For companies, offering financial wellness programs fosters a healthier, more engaged, and productive workforce.

Wellworks For You's Financial Wellness Programs

So, what's in the financial wellness solution at Wellworks For You? Our programs are tailored to meet the diverse needs of today's workforce. Here's a glimpse of what we offer:

• Financial Wellness e-Learning Series: Knowledge is power, and our e-Learning series are packed with valuable insights. From understanding your student loan options to mastering the art of budgeting, these courses cover it all.

• Financial Wellness Challenges: Ready for a challenge? Our financial wellness challenges encourage you to build healthier financial habits in a fun and engaging way. These can range from short-term goals to more extended 12-week programs.

• FinFit Financial Wellness Solution: This comprehensive package includes financial assessments, budgeting tools, courses, and one-on-one financial coaching. Think of it as your personal financial advisor, available anytime.

• Employee Assistance Program (EAP): Our LifeMatters EAP goes beyond the basics. It offers resources like financial and legal consultation, planning tools, and more, to ensure you're well-equipped to tackle any financial hurdle.

• Onsite Events and Health Fairs: Prefer a more hands-on approach? We've got you covered. Wellworks can organize events and fairs featuring a range of financial wellness resources and services.

Please note that the specific services available to you may vary based on your company's wellness program. To get the full picture, log into your Wellness Portal or reach out to your Wellness Program Coordinator.

If you are in the position to implement a wellness program in your workplace and are interested in starting a financial wellness program or adding it as a component to your existing program, click here to schedule a demo or to speak with a member of our sales team.

Financial wellness is about more than budgeting—it’s about creating a sense of security and peace that enhances all aspects of life. At Wellworks For You, we’re committed to supporting our clients’ journeys toward financial stability by reducing debt-related stress and providing tools to manage finances effectively. By empowering individuals with knowledge and resources, we help employees thrive at work and in their personal lives.

If you’re ready to enhance your financial wellness—or help your workforce do the same—schedule a demo today and explore how Wellworks For You can support you.

‍