Bill would allow employers to make tax-free payments toward employees’ student loans

Elise Stefanik

Elise Stefanik

WASHINGTON — Republican Representative Elise Stefanik (R-NY) introduced a bill this year that would allow employers to make tax-free payments toward employees’ student loans.

The Helping Employers Lessen Payments for Students Act would give employers the option to contribute, similar to what many companies offer for 401(k) programs.

The maximum payment from the employer per year would be $10,000.

“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.”