This workplace perk helps you pay down your student debt and save. investinyou (In partnership with acorns.)
than they are by credit card or auto debt. Still, few employers are offering student loan repayment assistance.
Now, about 8% of companies, including Aetna, Fidelity and PwC, offer taxable contributions to help employees repay student loans, up from 4% three years ago, according to the Society for Human Resource Management's 2019 Employee Benefits survey.
In February, members of Congress introduced the Employer Participation in Repayment Act , which would let employers give tax-free student loan assistance up to $5,250 a year per employee. Both federal and private loans would be eligible. "Expanding employer education assistance helps address the skills gap, which is holding back both workers and employers," SHRM President and CEO Johnny Taylor, Jr. said in a statement.
"When employers are able to help workers pay off student debt, more people will have confidence to pursue higher education and be better prepared to fill high-skilled fields."Check out
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