Millennials are graduating with more student debt than any generation before them, which many have attributed to their inability to move out of their parent's basements or save up a down payment – ultimately slowing the country's economic growth.
It's not just economic experts that are concerned by the debt. Millennials are as well. Some companies see that as an in to securing top talent in this generation.
SoFi, a finance company that originates and refinances student loans, has started a program in which companies can help pay down workers's student loans. Seven companies have taken part since January and seven or eight more are expected to sign up by the end of the summer.
While its an attractive offer to those owing hundreds of dollars every month, some companies are offering this feature in lieu of a 401(k) retirement fund match. Erik Carter, a financial planner at Financial Finesse, suggested to Quartz the 401(k) investment is much more worth it in employee's early years because it will compound over time.