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What is the Employer Participation Repayment Act or EPRA?
Would you like your employer to pay off your student loans? Can I get a “hell yeah” from the audience! Now, before you get all “that’ll never happen” on us, it just might happen. Thanks to both the previous administration and the current one there is a provision in the tax code that allows for just that. It is called the Employer Participation in Repayment Act from 2020 and that’s extended in 2021. We’ve got several tips for you on how you can check and encourage your employer to do this. Meanwhile, grab your free copy of the 5 Building Blocks of a Happy Gay Life here.
Listen for more info on the EPRA in the podcast episode below.
EPRA or Employer Participation in Repayment Act High Level
On this episode of Queer Money, we introduce you to the Employer Participation in Repayment Act, or EPRA, discussing how the bill encourages companies to help their employees pay off student loan debt.
We explain how to find out if your employer is participating in the EPRA, challenging you to let your HR department know that student loan repayment assistance can be added to their benefits package.
Listen in for insight on the tax breaks associated with opting into the EPRA and learn how to get your company to make your monthly student loan payment, so you can save or invest that money for the future!
Employer Participation in Repayment Act Topics Covered in the Podcast
- How the EPRA allows businesses to help their employees pay off student loan debt
- How employers can pay employees directly or send money to the loan servicer
- Why both federal and private loans are covered by the EPRA
- How employer participation in the EPRA is voluntary (just like tuition reimbursement benefits)
- What companies and government agencies are offering student loan repayment assistance and how to find out if your employer is one of them
- The tax benefits of participating in the EPRA for both employers and employees
- How EPRA payments impact those of us on income-based repayment plans
- Why EPRA payments won’t hurt you if you’re on the 10-year student loan forgiveness plan
- What to do if your employer offers annual (rather than monthly) EPRA payments
- Why it’s a good idea to let your employer know that the EPRA is available
- How offering student loan repayment assistance can help businesses attract talent
Resources mentioned in the podcast episode
- Swipe copy to send to your HR department
- Student Loan Hero’s List of Companies Participating in EPRA
- Employer Participation in Repayment Act
- LGBTQ Student Loan Debt on Queer Money EP096
- CARES Act
- Federal Student Aid
- FICA Tax
- 5 Building Blocks of a Happy Gay Life
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- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on iTunes
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