Washington, DC- U.S. Representative Mike Bost (IL-12) announced that he will co-sponsor the Employer Participation in Repayment Act, which would incentivize employers to offer student loan assistance to help their employees pay off student loan debt. The bill would help companies recruit and retain employees by making student loan payments by employers tax exempt up to $5,250 a year—similar to tax exemptions for tuition assistance programs.
“The average college graduate with a bachelor’s degree leaves school with almost $30,000 in student debt,” said Bost. “This growing burden of student loan debt not only holds back many American workers, it also puts a troubling strain on our nation’s economy. I’m proud to support this bipartisan legislation to incentivize employers to invest in their workers and strengthen our economy.”