Members of Congress on both sides of the aisle are trying to pass legislation that would make company payments to employees’ student debt tax-free. But we can’t do it without your help.
You graduated. You got a job. You did everything right. Now, you can make it easier for your company to help you pay off that debt. The Employer Participation in Repayment Act will help your company pay off your student loans at no cost to you.
Sign the petition below to tell Congress: Don’t tax my benefits. CommonBond will hand-deliver your signature to your member of Congress this summer.
Together, we can help pay off the nation’s $1.5 trillion in student loan debt. Let’s be #DebtFreeTaxFree.
Maria from Massachusetts
Dave from Maryland
Sarah from Minnesota
Nearly a third of employers have increased their educational requirements over the last five years. These skills can come at a steep cost: 72 percent of the workforce has taken out student loans to fund their education. Now, we spend the better part of our careers paying off the debt required to get the job.
Companies understand this burden. In fact, 95% of human resources executives agree they should help their employees improve their financial wellness. But because anything your employer gives towards your student loans is taxed as income, much of their contribution goes to Uncle Sam instead of to your loan.
Student loan employee benefits have proven to attract and retain employees. But currently, these benefits are a tax burden for the employee – and their employer. For many companies, it’s just too expensive to help you get out of debt.
Want more information? Check out our FAQ about the bill.