There have been few topics more furiously discussed than student loan relief and student debt. As the government rolls out its three-tiered Student Debt Relief Program in the wake of the COVID-19 pandemic, people like former CEO of Natixis John Hailer are taking a closer look at corporate responsibility as the future becomes clearer.
John Hailer, formerly of Natixis fame, has been a reputable name in the financial field for decades. Personally overseeing the rollout of a Student Debt Relief Program while operating at Natixis, John Hailer may be personally responsible for industry-wide adoption in that space.
Student Debt & Corporate Responsibility
Many have long considered a college education as the first step down the path to success. However, tuition and living expenses have worked in concert to make universities and other educational institutions borderline unaffordable. As the former exec at Natixis John Hailer saw how things were changing and he decided to leap into the arena to try and adjust things appropriately.
To make changes at Natixis that would have long-term positive outcomes, Hailer had to dive into the research. In doing his research, Hailer came to the realization that federal and private loan totals made up more than $1.75 trillion alone, equating to roughly $29k per borrower. The majority of borrowers with outstanding student loan debt fit neatly into the demographic of ages 25 to 34.
Carrying education-related debt into middle age has carryover effects in every other facet of life. Hailer came to understand that students and former students were putting off starting families, buying homes, and taking financial risks as a result of their debt situation.
Making a Change in the Workplace
While operating as the former business leader at Natixis John Hailer would be instrumental in rolling out their student loan forgiveness program. Created after taking an industry-wide glance at how debt was being handled, Hailer would roll out his system. Employees who had been with Natixis for at least five years were given access to up to $10,000 in student loan debt relief.
As a result of the Natixis debt relief program, many competitors within the industry were forced to add their own debt relief programs to help inspire job candidates. It was easy to see why Hailer was so happy with the outcome of his program.
Hailer said of the company’s quick adoption of the student debt relief program, “We saw how as a business we could make an immediate impact on the lives of our employees while also demonstrating how the corporate world as a whole – with a relatively small investment – can move the needle in a big way when it comes to the twin challenges of student loan debt and saving for retirement.”
The Natixis student loan benefit launched officially in 2016 with many businesses following suit soon thereafter. In the intervening years, the Biden Administration has also taken student debt relief up as a challenge to be conquered.