Trading in your vacation days to pay your student loans? That's about to become reality for more people:
What’s more valuable — getting out of debt or getting away? Soon more workers will have the opportunity to make that calculation.
It’s also an indication of the challenges our nation’s $1.5 trillion student debt problem poses to borrowers — some may be so burdened by their loans that they’re willing to give up earned rest to get out of debt more quickly. PTO Exchange is also launching a program that will allow employees to use the value of their paid time to cover certain emergency expenses.
At the same time, companies want to find a way to lure young, talented workers in a tight labor market, he said. Providing student loan help allows them to do that without upsetting current employees by paying new workers higher salaries. Allowing workers to put vacation days towards this purpose offers an added benefit to the company, he said. “It gets the obligation off their books as well, so it doesn’t look like they’re carrying all this debt to the employees.
“People feel that if they take all of the paid leave they’re entitled to, they will be overlooked in promotion and in other ways that the company evaluates them because they will be considered not dedicated enough,” she said.
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