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Student debt savings program

Building brighter financial futures

Help employees pay down student loans while you help them save for retirement 

What is the student debt savings program?

The first of it’s kind in Canada, this program allows employees to focus on reducing their student debt while you contribute to their retirement savings. 

As they repay their loans, you contribute to their group retirement and savings plan, helping them gain a strong financial footing both now and for the years to come. 

How does it work?

As a plan member pays down their student loan debt, your employer-matched contributions are directed to their plan:

  • Optional sign up

    To get started, employees can join the existing group retirement and savings plan, and opt in to the program.

  • We confirm their repayments

    At Canada Life, we'll confirm the employee is making regular student loan repayments.

  • You confirm your contributions

    We'll use this student loan repayment data to provide you with guidance around employer contributions.

  • Employees get started with employer-matched savings

    Once you've confirmed how much you'll contribute, the plan member receives employer-matching contributions to their group retirement and savings plan on the regular amount paid toward their student loan debt.

Speak to an advisor

Talk to an advisor today to learn more about how our student debt savings program could work for your business. 

Why offer a student debt savings program?

For many Canadian graduates, student loan debt is a barrier to saving for the future: 

  • 50%

    of Canadian students graduate with student loan debt. Footnote 1 Footnote

  • $28,000

    is the average balance at graduation

  • 10 years

    is the average time it takes to repay a student loan

Find and keep top talent

Getting help with paying off student debt while still being able to save could make all the difference in not just how people work, but where. 

Offering a student debt savings program is a great way to attract and retain employees, and help your business grow. 

It's one way to show your employees that you're invested in their future, which can help you gain an edge in today's competitive market. 

Why us?

Canada Life has been paying claims for 150 years. Work with one of our trusted advisors to help build a plan for you.