Employer-Sponsored Student Loan Repayment Gets Boost
Millions of people will be facing the restart of student loan repayment later this year, it will be a challenging shift for many. However, recently approved and pending legislation may make the transition easier.
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The Consolidated Appropriations Act extends the tax-free status of employer-made student loan payments through December 2025. The definition of "educational assistance" now includes employer-made student loan payments up to $5,250 per year.
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SECURE 2.0 includes a provision allowing individuals to pay down a student loan instead of contributing to a 401k plan yet still receive an employer match in their retirement plan. With bipartisan support it's expected to be reintroduced by Congress this Spring.
Our recent white paper speaks to the burden of student loans but also the opportunity for organizations—like employers, professional associations, banks, and financial institutions—to help their employees or customers manage their student loans.
for the full analysis
New Attigo Solutions Address Borrower Needs
In line with the findings of our whitepaper I am excited to announce that our Attigo Suite is expanding. We are introducing new solutions to serve the needs of new partners—organizations that are seeking student loan repayment support for their employees or customers.
While schools have been leaders in introducing supplemental repayment support to students, borrowers need long-term assistance. More than process-oriented loan servicer support, people are looking for personalized education and insight to inform repayment strategies and retain student loan benefits.
Our new solutions include:
Student Loan Repayment Assistance to help employers contribute directly to an employee’s student loan(s).
Student Loan Counseling and Financial Education to ensure borrowers have a trustworthy and knowledgeable source to answer their questions, provide timely guidance, and help them avoid student loan fraudsters.
We'll be launching a refreshed attigo.com website that highlights our new solutions in the coming weeks.
Don't hesitate to reach out to our Sales Team if you would like to learn more in the short-term.
Best regards.
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Beth Erickson Vice President Repayment Solutions |
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