June 30, 2020 / 1:45 AM / 7 days ago

Why companies should care about student loan repayment benefits now

The CARES Act is a stimulus bill passed by Congress in response to the COVID-19 pandemic. Included in the CARES Act are provisions that address employer contributions towards employees’ student loan debt – extending the pre-tax treatment of employer-provided educational assistance up to $5,250 per employee annually, to include contributions to qualified education loans. While only 8 percent of companies reported offering a student loan repayment benefit in 2019, there are plenty of reasons why companies should be taking a look at such benefits to help address financial well-being in the workforce.

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