Bipartisan push aims to encourage employers to help pay student loans

Bipartisan Senate push aims to encourage employers to help pay student. loans (Source: KEVN/KOTA)
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WASHINGTON (Gray DC) -- Student loans burden several million young adults, and the debt totals about $1.5 trillion.

While there are many proposals floating around D.C. and the presidential campaign trail, a bipartisan group of senators says encouraging your job to help you pay should be part of the solution.

The proposal would encourage employers to help pay loans off by extending them a tax write-off.

Right now, employers can get that write-off for helping employees who are going to school, but the bipartisan bill would let employers help with older student loans.

Sen. John Thune, R-South Dakota, is among the senators supporting the bill.

"We think it's another tool that can be used to help reduce the amount of student debt that's out there, which has become extremely large for a lot of people in this country," Thune said.

Charlotte Hancock of the Center for American Progress' "Generation Progress" said while the proposal won't hurt, it won't help everyone.

"It's just one piece of the puzzle, I think, and there are so many aspects to the student debt crisis and making sure that we're helping low-income borrowers and communities of color," Hancock said.

The bill has support from almost half of the U.S. Senate with a near even bipartisan split.

If this bill becomes law, then employers would be able to pay up to $5,250 of an employee's student loans.

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