man and woman trying to move a rock labeled student loan (Photo: Shutterstock)

What is the most talked aboutbenefit in the new year? Student loan assistance programs. Recentsurveys confirm that student loans are a top concern amongemployees, especially recent grads, but it is not just a millennialissue. Many baby boomers have cosigned loans for their children orreturned to school themselves incurring debt at a time when theyshould be concentrating on preparations for retirement.

According to a Society for HumanResource Management survey, only eight percent of companiescurrently offer employer student loan repayment assistanceprograms, but that is double the number of companies who offeredthe benefit a year ago. It is important to understand that studentloan repayment programs are not the same as employer tuitionreimbursement programs. Employer sponsored tuition reimbursementbenefits are tax deductible up to an annual limit of $5,250 peremployee, but current student loan repayments aretaxable.

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