Encourage Employers to Help Pay Student Loan Debt with #StudentLoanBenefits
This petition had 2,080 supporters
With over $1.3 trillion of outstanding student loans, Americans are facing the largest student debt crisis in history. College students graduate with an average of $30k+ of debt, while companies reap the benefits of an educated workforce. That's why we’re asking you to support the Employer Participation in Student Loan Assistance Act and Employer Participation in Repayment Act -- both encourage companies to help pay down their employees’ student loans.
Today, if a company offers an employee financial assistance for continuing education, the employee is not taxed. However, if a company offers an employee financial assistance to help pay down his/her student loans, those contributions are treated as taxable income! The Employer Participation in Student Loan Assistance Act, sponsored by Rep. Rodney Davis (R-Ill.), and the Employer Participation in Repayment Act, sponsored by Senators Mark Warner (D-VA) & John Thune (R-SD), would right this wrong.
These bills would help create the largest employee benefit since the 401(k) by incentivizing companies to contribute towards their employees’ student loan debt. Employees would be protected from being taxed on company contributions up to $5,250 annually, and companies would be able to help their employees more quickly pay down their student debt load.
Employers benefit from an educated workforce. It’s time the federal government supports initiatives that encourage companies to contribute to their employees’ student loan debt. Whether you’re a parent or just starting out your career, you or someone you know is likely burdened with crushing student debt. Let’s band together to lift the weight of student loan debt and free up Americans to focus on important life goals, such as home buying and retirement.
Please join us in asking Congress to support bills H.R. 3861 and S. 2457 so your company can help solve the student debt crisis. Help can’t come soon enough.
Remember to share your support using #StudentLoanBenefits.
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