American Financial Benefits Center is closely following a new corporate trend in which some of America's biggest employers are skipping employee degree requirements for some jobs. IBM, for example, is now actively seeking candidates with experience in non-traditional education, such as boot camps for coding or technological vocational classes. Lowering the bar for certain jobs is being driven by a robust economy, low unemployment, the high cost of college and high student loan debt. AFBC, a document preparation company that assists clients in applying for federal student loan repayment programs, understands the impacts of student loan debt on individuals and families.

"We see how people are burdened by student loan debt and it appears that some of America's largest companies are beginning to understand it, too," said Sara Molina, manager at AFBC. "Our clients know that we can assist those overwhelmed by student loan debt by helping them get into a federally available program, such as an income-driven repayment plan, to possibly lower that monthly payment and get back on track financially."

Unemployment, at 3.9 percent, continues to remain historically low. It dropped nearly five percentage points during the final six years of the Obama administration and another one percent since President Trump took office. Even though wage growth is sluggish, job growth remains strong and the U.S. stock market hovers at near record highs. These conditions mean that companies are in competition for workers, allowing lower requirements to prevail.

In addition, the student loan debt crisis continues to grow. Recent estimates suggest that more than 44 million borrowers owe more than $1.5 trillion. College graduates are still much more likely to earn significantly more than non-graduates. A recent study estimated that degree holders will make more than $1.4 million over their lifetimes than high school graduates. However, many individuals are more closely examining the cost and rising debt of going to college and are considering vocational degrees and lower cost certificate programs.

Companies such as Google, Costco, Whole Foods, and Ernst and Young, among many others, don't disregard academics but are allowing for creative paths for non-traditional candidates. These companies are looking at certificates, skills acquired in work and unique life experiences that will translate into the employee skills they desire. This can be especially helpful for those who have student loan debt but were unable to graduate.

"We are very interested in this trend and really see it as helpful for some of our clients who had to take the first job they could when they left college to start paying down their debt," said Molina. "An income-driven repayment plan in combination with a better job is just what many of our clients need to begin getting some financial breathing room."