From tutoring to prep classes, and athletics and music lessons — parenting involves a lot of sacrifice.
But as of late, parents have started to take on their childrens’ student loan debt.
According to a new study by Country Financial, 56% are willing to go into debt to put their kids through school. According to an April 2019 survey of more than 1,000 adults found the average parent said they would go $31,000 in the red for their child.
To that end, 29% of parents said they would forfeit vacations, 26% would sacrifice their savings, 18 percent said they would take out a loan and 17% would get an additional part-time job.
Not only has the increase in college costs effected students, it is now affecting their parents.
It’s time to make a change. PTO Exchange has the solution with PTO Education.
PTO Education empowers companies to give their employees the flexibility to apply the monetary value of their unused paid time off to pay down their student loan debt.
PTO Education features allow companies to:
- Leverage the PTO Exchange’s patented platform to integrate into various student loan repayment or refinancing merchants, such as Tuition.io, Gradifi, Fidelity and Peanut Butter.
- Match a portion of the payments employees make through the platform if they want to help accelerate their payments or invest in education.
- Give employees the ability to use some of their paid time off value to help pay into 529 plans as well as offset the cost of taking continuing education classes if the employee wants to build their skills.
- Stay compliant, as PTO Exchange is the only platform that is compliant in all 50 states.
It’s bad enough that students have to deal with the increasing tuition, parents shouldn’t be taking them on too.
Learn more about financial wellness and student loan capabilities on the PTO Exchange platform.