{"id":53039,"date":"2015-10-20T10:46:51","date_gmt":"2015-10-20T16:46:51","guid":{"rendered":"http:\/\/www.businesspundit.com\/?p=53039"},"modified":"2020-09-21T13:33:55","modified_gmt":"2020-09-21T17:33:55","slug":"some-employers-are-setting-up-plans-to-help-pay-down-student-loan-debt","status":"publish","type":"post","link":"https:\/\/www.businesspundit.com\/some-employers-are-setting-up-plans-to-help-pay-down-student-loan-debt\/","title":{"rendered":"Some Employers Are Setting Up Plans To Help Pay Down Student Loan Debt"},"content":{"rendered":"

\"Student<\/a><\/p>\n

Investing in a 401(K) can help ensure that you live a more comfortable life at retirement. Unfortunately, many employees delay their 401(K) spending for years because of a tremendous amount of student loan debt.<\/p>\n

Realizing that employees need to start saving early on in their careers, one business has developed a student loan repayment program that ties into employee benefit programs.<\/p>\n

Gradifi\u00a0has developed a new\u00a0benefit program for employees that helps pay down debt while they work. The program is called The Student Loan Paydown Plan.<\/p>\n

Gradifi CEO Tim Demello explains to\u00a0Fox Business<\/a> how the program has been helping PricewaterhouseCoopers employees.<\/p>\n

\u201cPwC as an example has 46,000 U.S. employees and they estimate as many as 15,000 of them have student loans averaging about $35,000. They also recruit about 10,000 people off college campuses every year, so they\u2019ve just put a program together with us where they will pay $100 a month for 72 months into an employee\u2019s plan.”<\/p>\n

“So what that does is, that takes that $35,000, which with interest is about $42,000 and take 25% right out of the loan,” he adds.<\/p>\n

 <\/p>\n

The program also makes tax sense. Demello explains that there is currently an educational assistance rule in tax law that allows for up to $5,250 in savings. If you tax a course, which your company can pay for, you don’t have to pay taxes up to that level.<\/p>\n

He adds, “There [are] now bills out there circulating that if an employer pays into a student loan account, up to $6,000 — that will also be tax exempt. So it\u2019s taxable right now but we think in the future it\u2019s going to change.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Investing in a 401(K) can help ensure that you live a more comfortable life at retirement. Unfortunately, many employees delay their 401(K) spending for years because of a tremendous amount of student loan debt. Realizing that employees need to start saving early on in their careers, one business has developed a student loan repayment program […]<\/p>\n","protected":false},"author":34,"featured_media":53040,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[8727,8726,7730],"class_list":{"0":"post-53039","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-pricewaterhousecooper","9":"tag-student-loan-debt","10":"tag-student-loans"},"acf":[],"wps_subtitle":"","_links":{"self":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/53039","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/comments?post=53039"}],"version-history":[{"count":1,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/53039\/revisions"}],"predecessor-version":[{"id":77196,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/posts\/53039\/revisions\/77196"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media\/53040"}],"wp:attachment":[{"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/media?parent=53039"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/categories?post=53039"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businesspundit.com\/wp-json\/wp\/v2\/tags?post=53039"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}