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What Biden's Student Loan Forgiveness Means for Employers

Posted September 09, 2022 by CHC Wellbeing. Filed under FINANCIAL WELLNESS, EMPLOYEE BENEFITS, WELLNESS
College Student

Employee Benefits News

On August 24th, President Biden announced the much awaited student loan forgiveness plan. Under this plan, federal loan borrowers may receive up to $10,000 in relief and up to $20,000 in relief if they received a Pell grant. This is also contingent on the fact that the borrower makes less than $125,000 a year or $250,000 if they are married. Though this is a significant help to many, there is still a notable amount of individuals who will have a remaining balance. So, what does this mean for employers? Some may want to look into additional benefits for their employees. This may include offering resources to assist employees in the application process to receive this debt relief or additional financial support to help those finish paying off their remaining balance or private student loans. Will we see more student loan benefits come to the surface now that President Biden has announced this executive order? 

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