Employers that offer student loan repayment for employees have an advantage in attracting and retaining highly qualified staff*. Employees experience reduced financial stress, while your company culture and staff engagement improves. The federal government is also providing incentives for employers to offer student loan repayment programs for employees.
Maximum amount employers can make tax-free payments per employee
Federal student loans and private student loans eligible
For principal or interest on "qualified education loan"
Employers and employees save on federal payroll taxes on qualifying payments
Employees save on federal income taxes on qualifying payments
These incentives are in place until 2025