Whitepaper focuses on developing market for student loan repayment assistance plans, which impacts nearly 45 million Americans
LITTLE ROCK, ARKANSAS (July 7, 2020) – DataPath, Inc., a leading developer of technology solutions for employer-sponsored benefits administration, has published a whitepaper titled, “Flexible Compensation: More than Healthcare.” The whitepaper examines the positive effect that benefits such as health insurance, healthcare spending accounts, and retirement planning have on employers and workers. In particular, one benefit program rapidly growing in demand is student loan repayment assistance (SLRA).
“As more companies consider offering SLRAs in the coming years, a significant market opportunity may be developing for third party administrators (TPAs),” says Bo Armstrong, DataPath’s Chief Marketing Officer. “We believe that recent IRS changes and the passage of the CARES Act could open the door for more student loan debt repayment plans offered by employers.”
Since 1970, the demand for higher education has grown significantly. Over the past five decades, the rate of Americans aged 25 and older who have earned a college degree has grown from 10 percent to 36 percent. Tuition rates have also risen amid cuts to state funding for higher education. Consequently, student loan debt has also increased. Not only does this debt create a drag on the economy, but it also affects the financial and mental well-being of millions of American workers.
“TPAs have a lot to offer with their skills, knowledge, and experience in benefits management. Those who are looking to add another line of service should consider talking to their clients about SLRA plans,” says Armstrong.
You can download the whitepaper here.
About DataPath: DataPath, Inc. creates cloud-based solutions for CDH account, HSA, COBRA and billing administration. Founded in 1984, DataPath is privately owned and headquartered in Little Rock, Arkansas. Learn more at dpath.com.