That $5,250 is the federal cap on the amount of tax-free money that employers may offer to help defray employees’ qualified costs for their own education, including tuition and fees.
In response to the Society of Human Resource Management’s 2023 employer benefits survey, only 8% of organizations said they offer student loan benefits to employees, a percentage that hasn’t changed for five years.
But lawmakers who advocated for tax-advantaged employer benefits to help with student loan payments are concerned there hasn’t been enough public awareness of it.
That may be of particular interest now that the yearslong pause in payments on federal student loans is expiring.
But for anyone who also has to pay off private student loans, the amount they shell out every month is likely much higher.
Persons:
it’s, “, hasn’t, Danny Werfel, —, Katie Lobosco
Organizations:
New, New York CNN, Society of Human, IRS, Federal
Locations:
New York