New tax incentive will allow companies to help pay off employees’ student loan debt

As the student debt crisis hits $1.7 trillion in outstanding loans, many employers have taken a step that could slowly reduce student loan debt among their workers by offering student loan repayment assistance as an employee benefit.

The assistance comes after the COVID-19 relief package was passed last December, which allows employers to make contributions of up to $5,250 a year to their employee’s student debt through 2025.

Watch the video attached to this story for more.