Sending Office: Brownley (CA), Julia
Support the Student Loan Repayment Assistance Act (H.R. 655)
Current Co-sponsors: Bass, Carson, Cohen, Davids, Foster, Hastings, Jackson Lee, Kuster, Luria, McNerney, Norton, Rouda, Thompson (MS), Vargas
According to The Institute for College Access and Success (TICAS), 7 in 10 students who graduated from a four-year college in 2016 had student loan debt, which averaged $29,650 per borrower.
Student loan debt can follow a student his or her entire life, whether by limiting career growth or making it more difficult to raise a family, start a business, buy a home, or save for retirement. There is much that we must do to make higher education more
affordable, but we must also do more to help individuals who have already graduated with a large student loan burden.
My bill, the Student Loan Repayment Assistance Act (H.R. 655), would address this problem by encouraging employers to help college graduates repay their student loan debts. Specifically, the bill would offer employers a tax credit 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 refundable tax credit.
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 address the student loan debt crisis, 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:
email@example.com or 5-5811.
Member of Congress
e-Dear Colleague version 2.0