U.S. Senate Follows House Lead on Employer-Sponsored Student Loan Payments

Just three months since Congressman Rodney Davis (R-IL) offered a fantastic solution (H.R. 3861) to reduce taxes for employer-sponsored student loan payments, U.S. Senator Mark Warner (D-VA) joined in on the game. The legislation is the same as the Rodney Davis bill - S. 2457, the Employer Participation in Repayment Act of 2016. ​GradFin is excited about this new piece of legislation because our Founder is a resident of Virginia, the state of Senator Mark Warner.  Take a look below at Senator Warner's video on student loans.

According to U.S. Senator Mark Warner's website, "the Employer Education Assistance Program allows employers to contribute pre-tax earnings to help employees finance continued education, but does not allow relief for individuals who already have incurred student loan debt in the course of their undergraduate or graduate careers. TheEmployer Participation in Repayment Act would help those with student loan debt by allowing employers to contribute up to $5,250 pre-tax to their employees’ federal or private student loans – providing employers with a new tool to recruit and retain quality employees. Sens. John Thune (R-SD) and Shelley Moore Capito (R-WV) joined Warner in sponsoring the Employer Participation in Repayment Act. To read the bill, click here."