A new bill introduced last week by U.S. Reps. Rodney Davis (R-Ill.) and Scott Peters (D-Calif.) could tackle the issue of student loan debt, buoyed by the results of a survey indicating how much employees want help with their loans.
H.R. 795, the Employer Participation in Student Loan Assistance Act, would encourage private employers to offer a tax-free benefit to put toward an employee's student loan debt, similar to the existing tax benefit for tuition assistance, according to Davis's website.
And according to a survey from Student Loan Hero, among workers who have student loan debt, only about half are contributing to a retirement savings account such as a 401(k) or IRA.
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