As the Biden administration debates more wide-sweeping student loan forgiveness, over 44 million student loan borrowers are wondering if and when they will see relief.
White House officials are zeroing in on canceling $10,000 for all borrowers who earn less than $150,000 per year, CNBC reports, but the administration has yet to confirm such plans.
Most student loan payments have been suspended since March 2020 in response to the ongoing Covid-19 pandemic, and while the pause on student loan repayment, interest and collections has been extended several times, it is set to expire on August 31.
Until the administration makes a final decision on broader student debt cancellation, borrowers may be able to ease — or erase — their debt with help from another source: their employer.
The CARES Act, which was signed into law in March 2020, allows companies to make up to $5,250 in student loan payments for a worker each year. What’s more, employees don’t have to pay income taxes and the employer doesn’t owe any payroll taxes on the amount.
The passing of the CARES Act and the continued war for talent has spurred more companies to offer student loan assistance programs, Jill Buban, the general manager and vice president of EdAssist Solutions, a company that helps employers organize such benefits, tells CNBC Make It.
Buban has witnessed a sharp uptick in companies adopting and embracing student loan repayment programs. In 2020, the Society for Human Resource Management reported that...
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