Sending Office: Honorable Scott H. Peters
Cosponsor Rep. Scott Peters’ and Rep. Rodney Davis’ Bipartisan Employer Participation in Student Loan Assistance Act
Current cosponsors (116th): Bacon, Barr, Beatty, Brooks, Brownley,
Cole, Connolly, Cook, DeSaulnier, Fitzpatrick, Garamendi,
Joyce, Khanna, Kilmer, King (NY), LaHood, Lieu, Loebsack, Maloney (Sean Patrick),
Marshall, McEachin, McNerney, Mitchell, Moore, Moulton, Murphy (FL), O’Halleran, Peterson, Pingree, Quigley, Rice (NY),
Roe, Ruppersberger, Ryan, Smith (MO), Stefanik, Stivers, Swalwell, Takano, Tonko,
Turner, Vargas, Welch
The average student graduates with nearly $40,000 in student loan debt. Student loan debt now represents the second highest form of consumer debt and forces many recent college graduates to delay buying a home, saving for retirement, purchasing a car, or
starting a family. 70 percent of graduates needed to take on some amount of student loan debt to pay for their education, and they join the approximately 40 million Americans currently struggling with a total of $1.4 trillion student loan debt, collectively.
Employers are looking at new ways to help, but it’s time we do our part.
The Employer Participation in Student Loan Assistance Act would address the student loan debt problem by encouraging employers to offer student loan assistance as a tax-exempt benefit for employees to help pay down their debt. The
bill text is identical to
H.R.795 as introduced in the 115th Congress. The Employer Participation in Student Loan Assistance Act provides the following benefits:
- Employers – helps companies recruit and retain young talent by allowing them to assist employees with student loan debt in the same way they currently help with continued education benefits.
- Employees – will receive a tax-exempt benefit (up to $5,250/year) to help pay off student loans. Currently, employees pay taxes on their employers’ contribution to pay off debt.
To become a cosponsor or for more information, please contact Baillee Brown with Rep. Scott Peters at 202-225-0508,
firstname.lastname@example.org or Jimmy Ballard with Rep. Rodney Davis at 202-225-2371, email@example.com.
SCOTT PETERS RODNEY DAVIS
Member of Congress Member of Congress
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