Giving Back: Student Loan Reimbursement Programs
from Benefits in Brief Hosted by Alera Group
Student loan repayment assistance is a benefit in high demand. About 45 million employees have student loan debts and collectively they owe more than $1.64 trillion. The burden of these debts causes many workers to look for employers who will help them pay off their loans. Many employers that are interested in helping employees with student loans have hesitated, mainly because of tax liabilities. However, due to the CARES Act and the 2021 stimulus package, employers can make up to $5,250 in tax-free payments to each employee with student loans. Employees greatly appreciate their employers’ loan payment assistance. Even a small donation can help them pay off their loan sooner.
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