Education financing: approaches, considerations and the steps to launch an education financing offering

Authors: Kelly Lazzara Hannah Johnstone

null

The average federal student loan debt has more than doubled since 2007, from $18,233 in 2007 to $37,850 in 2024. Unquestionably, employees will be bringing the stress of higher student debt to the workplace for many years to come. As of the fourth quarter of 2023, approximately 3.8 million Americans owe $112.2 billion in outstanding Parent PLUS loans. Additionally, 3.8 million parents of college graduates took out an average of $29,526 in federal Parent PLUS loans, confirming that student loan debt is a multi-generational issue.1

When it comes to the overall financial wellbeing of an individual or group, the subject of student loan benefits continues to be at the forefront of conversations. With heightened employee financial stress, legislative updates and a seemingly endless supply of providers, employers are considering which education financing approach is right for their organization.

VIEW WHITEPAPER

Author Information


Source

1"Federal Student Loan Portfolio." Federal Student Aid, accessed 21 June 2024.


Disclaimer

Gallagher Fiduciary Advisors, LLC ("GFA") is an SEC Registered Investment Advisor that provides retirement, investment advisory, discretionary/named and independent fiduciary services. GFA is a limited liability company with Gallagher Benefit Services, Inc. as its single member. GFA may pay referral fees or other remuneration to employees of AJG or its affiliates or to independent contractors; such payments do not change our fee. Neither Arthur J. Gallagher & Co.,GFA, their affiliates nor representatives provide accounting, legal or tax advice.

Securities offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Neither Osaic Wealth nor their affiliates provide accounting, legal or tax advice. Review the Osaic Form CRS.

As a Registered Investment Advisor, Gallagher Fiduciary Advisors, LLC is required to file Form ADV Part I and Part 2A with the SEC. Part 2A of Form ADV contains information about our business operations for the use of clients. A copy of the Form ADV Part 2A can be requested by contacting the Gallagher Fiduciary Advisors, LLC Compliance Department.

BrokerCheck

For compliance-related questions about our investment advisory services or to request the most current version of this relationship summary, please review our Client Relationship Summary or call (212) 330-1011.