Student loan debt in the United States is escalating, and employers are finding it harder to fill open positions. In an effort to tackle both of these issues, more employers have been offering student loan repayment opportunities as part of the benefits packages they offer employees. In an article published by the Nashville Business Journal, I discussed student loan repayment benefits offered by employers and the IRS’s ruling last year regarding this issue.
For example, employers can offer student loan debt management programs that offer counseling services and access to student loan marketplaces or more favorable finance terms. In May 2018, the IRS issued a ruling allowing an employer to make contributions to its 401(k) plan on behalf of employees who make payments toward their student loan.