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Get Your Employer to Pay $5,250 of Your Student Loans in 2020: FAQs About the CARES Act
When did this go into effect and how long does this benefit last?
What counts as “qualified educational loans”?
Exactly what types of student loans qualify for this relief?
Are private loans eligible for this program?
Read and Watch: Getting Relief for Your Private Student Loans
What other student loans are NOT eligible?
What’s the benefit to the employer and the employee?
Don’t employers already help with educational costs?
So I can get an employer to pay for my tuition AND pay off my student loans?
Does the employer make the payment directly to me?
If my company agrees to pay off some of my student loans is this going to be deducted out of my paycheck or taken from my wages in any way?
If I’m married or have a kid, and I pay for my spouse or my child’s student loans, does that qualify?
What does an employer have to do to pay off my student loans?
I want to ask my job about this, but I’m nervous about what I should say to my employer. Any suggestions?
What happens if my employer pays more than $5,250 in educational assistance benefits on my behalf?
What about people without college debt? If I don’t have any student loans, can I still just request this $5,250 in cash from my job?
If my employer says NO, or they say they don’t offer an educational assistance program, is there anything else I can do?
I’m self-employed. Can my business get a tax break for paying my own student loans, and is that money still tax-free to me individually?
Is it possible this student loan deal could be extended into 2021?
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Content: Money can be ADDED to your paycheck, during the normal payroll cycle, to cover your student loan repayment. If I’m married or have a kid, and I pay for my spouse or my child’s student loans, does that qualify? No. Only loans incurred by the employee qualify; not loans of a spouse, child, parent or other relative. What does an employer have to do to pay off my student loans? If an employer doesn’t currently have a Section 127 Educational Assistance program, it will need to create/adopt one. It’s not complicated. Companies like Education Loan Finance help employers set up these programs easily and quickly. If an educational assistance program already exists at your organization, they will simply need to modify/update the language in the Section 127 plan to permit student loan payments.