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Student Loan Repayment Now a Tax-Free Benefit

By September 29, 2021December 16th, 2022HR

Student Loan Repayment

There has been much said about the deferral of student loan repayment provided under the CARES Act, but less attention paid to the option for employer-provided student loan repayment assistance.

Both benefits have or were scheduled to expire until The Consolidated Appropriations Act, 2021 (CAA), passed at the end of 2020, extended the CARES Act student loan provisions to allow employers to make tax-exempt loan-repayment contributions of up to $5,250 through 2025. Employers looking for creative ways to attract educated and aspiring talent are encouraged to consider whether extending this benefit to current and future workers may assist with attracting and retaining more and better workers.

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