Washington, D.C. – Congresswoman Elise Stefanik is an original cosponsor to the Employer Participation in Repayment Act. This bipartisan bill allows employers to offer tax-free student loan assistance to their employees. These payments are tax exempted up to $5,250 a year.
“The crushing level of student loan debt that our college students incur does not incentivize graduating high school seniors to further their education - in fact, it discourages them from doing so,” said Congresswoman Stefanik. “This bill would allow employers to offer their employees tax-free benefits that would help students pay off their loans in a timely manner, so they have the opportunity to save for a home, start a family, or simply live without a looming cloud of debt hanging over their heads. Additionally, this bill is pivotal to the future of our economy, as millennials are expected to make up the vast majority of the workforce in just 6 years.”
The Employer Participation in Repayment Act is cosponsored by a bipartisan group of 99 Members of Congress.