Legislation introduced in the House would encourage employers to offer student loan payment assistance by making it non-taxable income. Yep. That’s right. If passed, this tax code update would allow employers to pay employee student loans, up to $5,250 a year, as an employee benefit. (Check out our blog for the full story.)
We won’t solve this crisis in one day, but the Employer Participation in Student Loan Assistance Act (H.R. 795) and the HELP for Students and Parents Act (H.R. 1656), which have broad bi-partisan support, are a step in the right direction. By encouraging employees to offer student debt payment benefits, we can begin to address the $1.3T student debt crisis that affects more than 40 million Americans.
Tell your reps to support H.R. 795 H.R. 1656—a whole generation is watching them.