Employee Benefit News
The student loan moratorium has once again been extended. However, with more than 90% of federal student loan borrowers not making payments since the moratorium began, many still won't be ready come May of 2022. While many employers have taken action toward improving their employee's financial lives, only 17% of organizations offer a student loan repayment benefit. The next five months will be crucial for employers to look at solutions targeted towards helping their employee's outstanding student loans. This may even include utilizing the Consolidated Appropriations Act of 2021 which allows employers to make tax-free contributions of up to $5,250 a year towards their employee's student loan debt.