Congressman Davis calling on employers to help employees with student loans

Posted on November 2, 2021
U.S. Rep. Rodney Davis (Photo courtesy: WJBC/File)

By Blake Haas

BLOOMINGTON – A Central Illinois Congressman is looking to tackle the student loan crisis through a new student loan tax benefit for employers.

Congressman Rodney Davis (R-Taylorville) announced the Employer Participation in Repayment Act in a social media post. It allows employers to make tax-free student loan payments on behalf of their employees.

“My bill, the bipartisan, the Employer Participation in Repayment Act, first enacted in the CARES Act, created a unique public, private partnership that incentivizes their employers who offer educational assistance to their employees to now pay down their student loans.

Under federal law, employers can make tax-free student loan payments up to $5,250 per year for each employee who holds a student loan.”

According to data compiled by CNBC, some 44 million Americans hold over $1.6 trillion in student debt.

“Just like what many employers already offer for tuition assistance. This provision was extended for five years, through the end of 2025 in legislation that passed into law last December,” the Taylorville Republican added.

In a recent report, the Federal Reserve indicates the average Illinoians owes $29,666 in student debt.

Blake Haas can be reached at [email protected].

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