Legislation that went into effect this year makes it easier for student loan borrowers to save for retirement while paying down their debt.
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https://www.nytimes.com/2024/02/02/business/student-loan-401k-match.html?unlocked_article_code=1.Sk0.wpXz.XSy2d_t6QsOz&bgrp=t&smid=url-share
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This is great. I think it would also be great if the employee could choose whether the match was going toward a 401(k) or toward loan repayment.
It will be interesting to see how many employers hop on board!
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If there is a tax break, a few will do so.
Any way that workers can save and help pay down debt sounds like a win for workers and employers. I hope many employers will offer this as a benefit to help retain workers and help them save for retirement.
At my company we were just made aware that we as the employer can pay people’s student loans. This would be an additional benefit in addition to 401K match. We would do it through the 401K company. This is being done as a way to attract talent.
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