Sending Office: Honorable Julia Brownley
Support the Student Loan Repayment Assistance Act
According to The Institute for College Access and Success (TICAS), 7 in 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt, and student loan debt among graduates averaged $37,172 per borrower in 2016 – up from
$28,950 in 2014.
Student loan debt can follow a student their entire life, whether by limiting their career growth or making it more difficult to raise a family, start a business, buy a home, or save for retirement.
The Student Loan Repayment Assistance Act would encourage employers to help college graduates repay their student loan debts. Specifically, the bill would offer employers a tax deduction of 10% for qualified student loan repayments up to $500 per month,
or $6000 annually.
To qualify, employers must make the student loan repayment program widely available to all employees, not just for senior executives. To ensure that small businesses can participate, the bill allows small employers – those with 100 full-time employees or
fewer and with $5 million or less in gross receipts for the preceding taxable year – to take a tax credit in lieu of a tax deduction.
Not only would this bill benefit employees, but it would also help employers to attract and retain skilled, qualified employees. By engaging employers in efforts to make college more affordable, we will create a win-win not only for future graduates, but
also for those who have already graduated with student loan debt.
If you have questions, or would like to co-sponsor, please contact: Gavin.Ross@mail.house.gov or x55811.
Member of Congress
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