Student Loan Repayment Not Just for Big Businesses

The SBAC strongly supports H.R. 795, the Employer Participation in Student Loan Assistance Act, introduced by Congressman Rodney Davis (R-IL). This legislation allows up to $5,250 of employer contributions toward student loan payments for an employee to be tax exempt – similar to the structure of a 401(k). By providing an affordable pathway for employers to offer student loan repayment benefits, something currently out of reach for many smaller enterprises, small businesses can compete on a level playing field to hire and retain talent.

This legislation has strong bipartisan support. During our recent Capitol Hill lobby trip, we met with members of the Illinois delegation on this issue and successfully secured three new co-sponsors.

The SBAC also signed onto a coalition letter with signatories across the industry and political spectrum, asking Ways & Means Chairman, Kevin Brady, to include H.R. 795 in Tax Reform 2.0 – the proposed package as a follow up to the recently passed Tax Cuts & Jobs Act.

For more information or if you would like to get involved with our effort to support H.R. 795 please contact Ryan Tolley at Coalition Letter