Here are specific ways that employers can play a meaningful role addressing student debt:

Hiring based on skills: While degrees and credentials are important for some roles, employers can start by making sure they're clear about why certain roles require potentially expensive degrees and, where they can, removing degree requirements. Doing so allows employers to tap into a wider pool of candidates — and gives candidates the opportunity to build their careers without incurring debt in the first place. Once they're in a role, they can focus on certifications and education they might need to advance their careers.
Supporting employer-backed education: Along with supporting skills-based hiring, employers can support their employees' growth (and propel their own business needs) by funding employee education programs. This allows working adults to add skills while maintaining their ability to earn — and do so more easily — with employer-backed tuition. While there's long been a tax benefit for employers providing tuition reimbursement, designing such programs to support all corners of your workforce, focusing on the most marginalized first, will allow more participation. And that will help prevent student debt in the first place.
Helping mitigate debt: The Biden administration is right to do everything it can to mitigate the burden of existing student debt — and employers can provide similar support. There are different models, but employers who want to address student loan debt can provide either a direct payment toward an employee's student loan or allow discretionary benefit dollars to go toward it. (The US Chamber of Commerce shares a number of ideas on how it can work here.)
Showing clear pathways: One thing I have learned: Experience and struggle with student debt makes you acutely aware of your return on investment. One way employers can help with student debt is with simple education — making career pathways, and what's needed to achieve them, as clear as possible. Doing so can prevent employees from pursuing programs that cost them money but are unlikely to help them advance their career.

While the Biden Administration continues to push forward new plans to address debt payments, these steps can help employers support their workforce — and drive solutions that don't simply eliminate existing debt but prevent new debt altogether.

Instant Insights /

Skills Over Degrees? What Employers Can Do to Tackle the Student Debt Crisis

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