That is good news for student loan borrowers because a freeze on federal student loan payments, part of the government’s pandemic relief effort, is scheduled to end May 1. Millions of borrowers — many of whom have not made loan payments in nearly two years — will once again have to start paying their monthly bill.
“I would think adoption would start ticking up as we get to a more normal work environment,” Copeland said. A big factor is that under the federal government’s pandemic relief programs enacted in 2020, employers are able to make tax-exempt loan repayment contributions to their employees of up to $5,250 a year through 2025. Employees do not have to pay income taxes on the benefit.
The benefit is available to all employees after they have worked at the hospital for six months and pays $200 a month in the first year, $300 monthly in the second year and $400 monthly in the third year, with a maximum benefit of $12,000. Already, 91 employees have applied for the benefit. A: Details vary by employer, so it is best to ask, if you are considering joining a company because of its student debt benefits. For a student loan to be repaid by an employer tax-free, it must be borrowed in the employee’s name and used for the employee’s education, said Greg Poulin, co-founder and CEO of Goodly.
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