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For instance, employers who offer student loan repayment assistance can do so tax-free up to the $5,250 limit. Plus, offering these benefits may help recruit, engage and retain employees.
In 2019, just 8% of employers included student loan assistance in their employee benefits packages, according to research from the Society for Human Resource Management. Even that was a big step up...
Since 2017, the employer has provided employees with $100 per month in student loan repayment assistance, up to a maximum of $6,000, which you’d reach after five years with the company. 12. New ...
Modern employers recognize that they need to offer valuable benefits to attract and retain new employees — which is why many of them now provide assistance to help their team members pay off ...
Employer student loan contributions used to be taxable as regular income in the U.S. [3] According to the Coronavirus Aid, Relief, and Economic Security Act, payments of student loan principal and interest by an employer to either an employee or a lender is not taxable to the employee if paid on or before December 31, 2020. [6]
Now that the Supreme Court has struck down President Biden's loan forgiveness plan, companies are looking to offer student debt repayment as a benefit.
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