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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]
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.
Federal student loan borrowers have about a month to prepare for the resumption of payments following a payment moratorium that began in March 2020, during the early days of the COVID-19 pandemic....
It also has a loan servicing operation for student loans that it owns and for lenders under contract. Originally a small student loan guarantor with approximately 5,000 student loans a year after its formation, it at one point managed more than $100 billion in total assets and serves nearly four million students through its various programs.
Eligible loans for the IBR Plan are all loans made under the Ford Program and Federal Family Education Loan Program except for Parent PLUS Loans. Unlike ICR, Parent PLUS Loans cannot be consolidated into a consolidation loan to qualify. [2] Eligible loans for the PAYE Plan are all loans made under the Ford Program except for Parent PLUS Loans.
A recent research report by the Employee Benefit Research Institute and J.P. Morgan Asset Management found that student loan debt was a growing financial issue for many individuals and families ...
And college graduates with student loan debt at the age of 30 have half the retirement savings of those without student debt, on average. But the new provision could help, if employers institute it.
In a salary sacrifice arrangement an employee gives up the right to part of the cash remuneration due under their contract of employment. Usually the sacrifice is made in return for the employer's agreement to provide them with some form of non-cash benefit. The most popular types of salary sacrifice benefits include childcare vouchers and ...
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