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Prior to the recently-passed CARES Act, employer student loan assistance was treated as wages. Thus, employees had to pay income taxes and employers were required to pay payroll taxes on any student loan assistance paid to employees.
But, while it hasn’t gotten as much attention as the relief stimulus checks, the CARES Act has temporarily made employer student loan assistance payments tax-free through the end of 2020. And then, when Trump signed the Covid-19 relief at the end of December 2020, it extended this benefit through 2025.
That’s a big incentive for both the employer and employees to take advantage of these programs. In this article, we’ll look at the employer student loan assistance program before the CARES Act and how it has temporarily changed.
