New Bill Could Bring Student Loan Relief
WASHINGTON, D.C - Lawmakers are introducing a bill to bring some relief to people with student loans.
U.S. student loan debt totals $1.5 trillion nationally -- second only to outstanding home mortgage debt for Americans. This new idea is gaining bipartisan support in both the House and Senate at the U.S. Capitol.
Under the legislation employers could contribute up to $5,250 -- tax-free -- every year to help employees pay student loan debt. Companies can already get this tax break for employer-paid tuition reimbursements. The new bill expands the coverage of existing tax codes to include student loan debt repayment.
Bills like this have been introduced before, but experts feel this one might pass, with so many people look for solutions to this financial massive problem.