企業頼みの奨学金返済、学位の価値とは？ 気ままなリライト193
As employer-sponsored student loan repayment programs have gained traction as a talent retention strategy, the rise of proxy repayment programs has underscored deeper economic concerns—wage stagnation, declining job appeal, rising education costs, and labor shortages. This trend is especially prevalent among small and medium-sized businesses, where such programs can act as golden handcuffs, binding college graduates from lower-income households to long-term debt. While debt-free, wealthy graduates have the freedom to pursue their careers without financial constraints, for more than half of those from non-wealthy backgrounds, the burden of earning a degree is an overwhelming financial strain.
Driven by labor shortages, student loan repayment programs have expanded rapidly since April 2021, when the Japan Student Services Organization (JASSO) introduced a "proxy repayment" program. This program enables employers to make direct loan payments to JASSO on behalf of employees as part of their benefits package. By December 2024, the number of participating companies had nearly doubled in a year, reaching 2,781. The program has been widely adopted by small and mid-sized industries struggling to attract young workers—particularly in construction, manufacturing and caregiving—where physically demanding work, low-wages and shifting societal trends have made hiring even more challenging. Meanwhile, major corporations rarely need to offer student loan repayment programs, as their high starting salaries make loan repayment more manageable, even for graduates from lower-income backgrounds burdened with student loan debt.
For small and mid-sized companies recruiting college graduates burdened with student loan debt, the proxy repayment program not only serves as a talent attraction tool but also as a tax advantage for both employees and employers. Previously, some companies assisted with student loan repayment by adding extra funds to employees’ salaries, but these payments were taxed as regular income. By contrast, the proxy repayment program makes such contributions tax-free and exempts them from social insurance premium calculations. For employers, repayment amounts are treated as deductible expenses and qualify for tax incentives under wage increase promotion measures. If certain conditions are met, corporate tax liabilities can also be reduced.
The growing appeal of the proxy repayment program has reflected a deeper reliance on student loans, driven by soaring tuition costs and stagnant household incomes. As financial strain increases, more non-wealthy families are unable to afford large lump-sum payments for their children's education, forcing them to turn to student loans instead. According to a JASSO survey, the percentage of college students taking out loans has been rising. In fiscal 2022, 55% of students relied on student loans, up 7.5 percentage points from fiscal 2018. Currently, the average loan amount per student is approximately 3 million yen, with a repayment period of around 15 years. Education costs continue to climb. The standard annual tuition for national universities, set by the Ministry of Education, has risen by 30% since fiscal 1993 to approximately 540,000 yen. Private college tuition has increased by 39%, averaging around 1 million yen in fiscal 2023. The University of Tokyo plans to raise tuition fees this spring for the first time in 20 years, and other national universities are also considering hikes, further worsening the student debt burden.
Except for graduates of prestigious universities, who are more likely to secure high-paying jobs at large corporations, many college graduates view employer-sponsored repayment programs as a critical financial safety net. Burdened with student debt, they tend to choose employers based on loan repayment support rather than personal career goals.
Several companies have stepped in to offer such support. Yoshimura Construction Industry in Kyoto City covers up to 20,000 yen per month for new employees for a maximum of 10 years. The company hired six new graduates in fiscal 2023 and four in fiscal 2024, with half utilizing the repayment program. Similarly, Kanai Industries, an equipment construction company in Maebashi City, Gunma Prefecture, provides graduates with 20,000 yen per month in loan repayment support, up to a total of 2 million yen. A hiring representative noted, “Even parents of job-seeking students inquire about this program.” Half of the employees who joined in fiscal 2024 are using the program. The company also reported that some applicants attended job briefings after learning about the repayment program on job listing websites. “Without this program, we might never have met these employees at all,” they added. Another company offering loan repayment assistance is Silver Life, a meal delivery service for seniors. As of November 2024, the company is covering student loan repayments for 27 employees—about 10% of its full-time workforce. Silver Life plans to fully repay these loans over seven years, extending the benefit to both new graduates and mid-career hires.
To further support student loan repayment, Kyoto and Gunma prefectures offer subsidies to small and mid-sized enterprises that assist employees with loan payments. Kyoto Prefecture provides up to 90,000 yen per employee annually, depending on the repayment amount, while Gunma Prefecture offers up to 60,000 yen per employee.
The proxy loan repayment program risks creating a golden cage effect, where employees remain not out of loyalty or job satisfaction but due to financial obligation. While the program can temporarily boost hiring, it raises important questions: Would young college graduates still choose these companies if not for the repayment program? Could this program pressure employees to stay in roles that aren’t a good fit? Yoshinobu Oka, a certified social insurance labor consultant, cautions that some local government subsidies require employees to stay with a company for a fixed period. “It’s crucial to review the terms and conditions before joining a company,” he advises. “Employees should also check whether they would be required to repay the company for covered loan payments if they leave early.”