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Employer Assistance

All articles tagged with #employer assistance

personal-finance2 years ago•2 min saved

"Unlocking Hidden Potential: How a Little-Known Tax-Free Benefit Eases Student Loan Burdens for Employees"

The IRS is reminding employers that they can offer workers up to $5,250 tax-free as part of their educational assistance benefits, including help with student loan payments. While companies have been allowed to offer such benefits since 2020, only 8% of organizations currently offer student loan benefits to employees. Lawmakers are concerned about the lack of public awareness and have asked the IRS to increase outreach. Reimbursements of up to $5,250 a year can significantly help individuals paying down student loans, especially as the pause on federal student loan payments is ending.

via CNN|

#biden-administration #employer-assistance #irs

personal-finance2 years ago•2 min saved

Navigating the Restart of Federal Student Loan Payments: What Borrowers Should Know

As federal student loan payments are set to restart in less than two months, borrowers are seeking ways to ease the burden. The Biden administration's new plan, called SAVE, aims to cap monthly payments at 5% of discretionary income and offers loan forgiveness after a certain number of years. Some companies, such as Google, Aetna, and Adidas, are also stepping up to help employees with their student loans by offering matching contributions. Borrowers are advised to take inventory of their debt, consider income-driven repayment plans, pay off what they can before interest resumes, automate payments, and stay informed about their options. Refinancing may not be beneficial for those eligible for income-driven plans or loan forgiveness.

via KABC-TV|

#employer-assistance #federal-student-loans #interest-rates