The average student in debt has about $37,000 to pay. It’s a more-than $1 trillion problem for the U.S.
Congress could step in: There is a bill with bipartisan support that gives businesses a tax break if they help employees pay student loans. Some companies are awaiting the legislation’s passage to begin college debt repayment benefit programs.
Others have been chipping away at employee loans for years.
Investment company Fidelity has a student loan assistance benefit that launched in 2019. It pays, on average, about $167 per month toward an employee’s loans, up to $10,000.
Fidelity is one of several major corporations helping employees pay down their student loan debt. They say it helps recruit top talent and to reduce turnover.
Last year, Fidelity rolled out a dept repayment program for other businesses to use, too.