WASHINGTON (Gray DC) -- Student loans burden several million young adults, and the debt totals about $1.5 trillion.
While there are many proposals floating around D.C. and the presidential campaign trail, a bipartisan group of senators say encouraging your job to help you pay should be part of the solution.
The proposal would encourage employers to help pay loans off by extending them a tax write-off.
Right now, employers can get that write-off for helping employees who are going to school, but the bipartisan bill would let employers help with older student loans.
Senator John Thune (R-SD) is among the senators supporting the bill.
Thune said, “We think it’s another tool that can be used to help reduce the amount of student debt that’s out there, which has become extremely large for a lot of people in this country.”
Charlotte Hancock, with the Center for American Progress’ “Generation Progress”, said while the proposal won’t hurt, it won’t help everyone.
Hancock said, “It’s just one piece of the puzzle I think and there are so many aspects to the student debt crisis and making sure that we’re helping low income borrowers and communities of color.”
The bill has support from almost half the U.S. Senate with a near even bipartisan split.
If this bill becomes law, then employers would be able to pay up to $5,250 of an employee’s student loans.
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