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But when the CARES Act passed in March 2020 as part of the relief provided amid the coronavirus pandemic, it allowed employers to provide up to $5,250 in annual student loan repayment assistance ...
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 ...
Pay for the employee’s books, equipment, supplies, and related education expenses. Pay the principal and interest on qualified education loans. Payments made directly to the lender and those ...
The Public Service Loan Forgiveness (PSLF) program is a United States government program that was created under the College Cost Reduction and Access Act of 2007 signed into law by President George W. Bush to provide indebted professionals a way out of their federal student loan debt burden by working full-time in public service. [1]
This benefit has grown as education debt has increased. According to the Washington Post, student debt has nearly tripled since the early 1990s and averaged $35,000 in 2015. [2] Only about 3% of companies currently offer employer student loan contributions, according to a survey by the Society for Human Resources Management from June 2015. [2]
As borrowers prepare to resume paying their federal student loans in the coming weeks, the IRS is reminding employers that they can help by offering workers up to $5,250 tax free as part of their ...
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