March 27, 2020 GREAT NEWS: New Way to Eliminate Student Debt Included in Coronavirus Relief Legislation

A new provision in the coronavirus relief legislation provides major assistance to the over 44 million Americans who have student debt.

The bipartisan provision, championed by Ivanka Trump, creates a new tax incentive allowing businesses to help their employees pay down their student loans, tax free.

Currently, companies are able to contribute, tax-free, to the tuition of employees attending school while working. The legislation takes this one step further, allowing companies to do the same for individuals still paying off student loans. The provision will be a huge help to all Americans with student debt.

The tax incentive is another piece of President Trump’s actions to provide economic relief for Americans with student debt in the face of the coronavirus pandemic. Earlier this month, he announced the Department of Education will waive interest and allow student loan borrowers to stop payments without penalty for 60 days.

President Trump is ensuring that all Americans are able to stay afloat as the world grapples with this pandemic.