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Tuesday, March 22, 2016

Student Loan Help from Your Employer

There was a time when employer perks were plenty, paid time off, full healthcare for you and your family, no charge. Heck some even had company cars. What if a perk was your employer paying off your student loan debt? There are some areas where employers do pay down, or off some debt, in public sector types of jobs, or teachers, legal aid attorneys.

As with many other perks a company gives out, they are usually tax deductible, such as 401k contributions. Currently though, if a company pays off your student loan debt, it is income to the employee, so you have to pay tax on it! So as a practical matter very few companies do this right now, but there are some out there. They range from big international companies to small start ups. Here are a few that you can look into if your in the market for one of these new perks. Pricewaterhouse Coopers, LendEDU, or Fidelity Investments. It should be known that theses are not super generous programs, and some only offer a few thousand, but every penny counts in this world when it comes to paying off that student loan debt.

Adding this question to your arsenal when interviewing will give you that advantage of knowing which companies offer these types of perks and if you have multiple offers of similar amounts and one company offers student loan repayment assistance that bit of information could make your decision that much easier.  

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