Oct 8, 2019
Retirement benefits are obviously one pillar of employee health and financial security, but despite all that employers do the “retirement savings gap” between what people have and should have, continues to grow. One of the biggest barriers to savings is student loan debt, which now exceeds 1.5 trillion in the U.S., while tuition rises 8% year over year. In an effort to help their employees, more companies are now seeing value in helping to allay this burden.
The American Benefits Council is part of a broad, multi-stakeholder coalition called Debt Free Tax Free, whose mission is to help employers provide student loan repayment on a tax-free basis, if they want to do so. In this episode of the American Benefits Podcast, Debt Free Tax Free spokesperson Tara Fung (vice president at CommonBond for Business) speaks to host Jason Hammersla about how student debt is different than other kinds of debt, why student loan repayment programs are a good investment for companies – and the government, via the tax code – and what to do about the tuition “bubble.”