Washington, D.C. – Today, Congresswoman Elise Stefanik (R-NY-21), Chair of the House Republican Policy Committee’s Millennial Taskforce and a Member of the Committee on Education and the Workforce, introduced H.R. 5415, the Helping Employers Lessen Payments for Students Act, important legislation that would allow employers to make tax free payments towards their employees’ student loans.
“Overwhelming student loan payments are holding millions back from buying homes, starting families and saving for retirement,” said Congresswoman Stefanik. “My bill would provide graduates and our next generation workforce with a powerful tool to pay off student loans faster while starting their careers.”
“Higher education is a key investment in our nation's workforce development and stimulating new economic growth opportunities," said Tony Collins, President of Clarkson University. "Representative Stefanik's legislation is fully aligned to the needs of our Clarkson students and corporate partners alike. This legislation is the kind of responsible change needed to have a positive impact on our economy."
The Helping Employers Lessen Payments for Students Act would allow employers to make tax free payments on an employees’ student loans, similar to contributions to a 401(k) program. The annual maximum payment from the employer would be $10,000. Click here for bill text.