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Student loan bill capitalizes on employee demand for repayment help

Not only do workers want a student loan repayment benefit, younger employees prefer it to the exclusion of a 401(k) retirement match -- and a new bill introduced in Congress could help.

By Marlene Y. Satter | Updated on March 08, 2017
Provisions included in H.R. 795 include a tax-exempt benefit of up to $5,250 per year for employees to pay on their already incurred student loan debt. (Photo: Fotolia)

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.

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