"86% of young workers surveyed by American Student Assistance said they would commit to five years with an employer that helped them pay off student loans. Yet, only 8% of companies offer a Student Loan Repayment to their employees. With so few companies providing debt help, those that do often gain a recruiting edge."
Implementation is quick, easy, and NO start up cost! There are no minimums to meet and the only cost for this program is $4 per contribution disbursement, per employee.
Employees want to become financially independent to focus on their future goals, such as purchasing a home sooner or savings towards retirement. Find how much can be saved by entering your information below.
* Estimated calculations are based on the terms entered above using a 15-payment term. 'With Contributions' payment calculations also include the Employer Contributions value entered.
With RISLA’S Employer Student Loan Repayment Program we work with companies to help offer tax-free student loan repayment as an employee benefit. Here are some frequently asked questions about our Employer Student Loan Repayment Program and how it benefits the employer.
Recent Federal stimulus legislation included a provision that extends an employer’s ability to provide a student loan repayment benefit to employees on a tax-free basis before January 1, 2026. Under this provision, an employer may contribute a combined total of $5,250 annually toward an employee’s student loans, and/or education expenses (e.g., tuition, fees, books). Such payment would be excluded from the employee’s income. The provision applies to any student loan payments made by an employer on behalf of an employee before January 1, 2026.
To remain IRS compliant and qualify for the tax-free benefit, the employer needs to make the availability of this benefit known at their organization by including a detailed HR policy in their employee handbook.
No, RISLA does not require a minimum participation number or minimum contribution.
RISLA will help your organization tailor a program that fits your needs best. Contributions range from small monthly payments, often $50 to $200, to larger quarterly and yearly sums. Programs can be further customized to increase year after year as a retention incentive or be prorated based on hours worked.
There are several acceptable payment methods that will largely depend on the sum and frequency of your contributions.
Request a demo and include any questions you might have. After the initial kick-off call and once a contract has been executed, implementation is very quick and can generally be completed in a matter of days.
Find out what your employees are thinking about our great new benefit.
Your employees will be able to rank student loan assistance as a benefit as well as get a detailed and anonymous profile of your employees' responses!