Make Student Loan Paydown Plans pre-tax
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Student loan debt is increasing dramatically in the United States.
Student loan debt has ballooned to $1.23 trillion as of late 2015, up over 250% from 2004. (valuepenguin.com)
Maybe you have loans you've been paying, or will be paying, for many years?
Employers want to help. But currently any plans to help employees pay down student loans are only available with after tax dollars. The student loan payments are treated as taxable income to the employee, basically no different from wages or salary.
H.R. 795 "Employer Participation in Student Loan Assistance Act" would change this, making employer Student Loan Paydown Plans (SLPP) pre-tax, similar to retirement plans and other employee benefits.
This bill would encourage employers to help employees pay down their student loans debt faster, relieving some of the burden of the massive debt incurred paying for college, graduate school, medical school, law school, and more.
Please sign to show your support for employer participation in SLPPs.
Tags: HR 795, HR795
(Picture Table: Forbes.com, Zack Friedman, 2017)
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