An Employer’s Guide: The COVID-19 Relief Bill & Student Loan Repayments
With more than 45 million Americans already saddled with $1.7 trillion in student loan debt, the additional financial stresses of COVID-19 has only increased the need for relief.
The new COVID-19 Relief Bill provides help for student loan borrowers and contains great news for employers, making employer student loan repayments tax-exempt until 2025. At the same time, employers will need to think about how to manage student loan and education assistance programs together as part of a combined $5,250 tax exemption.
This leaves HR and learning leaders with many unanswered questions. How much interest is there in student loan repayment among my employees? What impact will offering this benefit have on my business results? How does this integrate with other learning initiatives?
Watch this panel of benefits experts and HR practitioners to get practical advice on:
- The impact of this legislation on adoption of student loan repayment.
- Options for offering employer-sponsored student loan repayment and deciding which is best for your organization.
- How employer-sponsored student loan repayment programs supports learning, improves financial well-being, and aids recruiting and retention efforts.
- What future legislation is under consideration by the Biden administration and how businesses can prepare.